Do you want to know how long bankruptcies and foreclosures and missed payments are going to stay on your credit record? Well stay tuned, I’m going to tell you next. First, I want to disclose, I’m not a credit specialist. It’s not what I do all day long, so I went right to FICO’s website to answer this question. The typical missed payments, late payment, foreclosure, they stay on your record for seven years. A bankruptcy, depending on which type you file, is going to stay on differently. A Chapter 7 filing, which is the complete removal of your debt, no negotiated payments, will stay on your record for ten years. A Chapter 13, which is the negotiated payments, will stay on your record for seven years, after the discharge. Now my understanding is, that the discharge is after five years of payments. So you have five years, and then the clock starts and you have seven years after. So you have a total of twelve years, from start to finish, before everything’s gone and you’re able to manage. One thing that’s important to know is that the reports and information are different, depending on who is pulling it. So please, feel free to pull your free credit report, and get some information, but know that your points and your scores and information may show differently when a mortgage lender goes to pull your report. So if you’re going to buy a home, ask a mortgage professional to pull your credit report early – I would suggest months before you’re going to buy, so they can help you locate which areas need attention. Sometimes you have derogatory reports on there, but you can have them removed because they’ve been on there longer than seven years, or something like that. And there are professional services out there that can help you do that. I’m not talking about debt consolidation, I’m talking about credit specialists who actually get involved and clean up your report to get your points up. If you have questions about buying or selling real estate in Northern Virginia, give us a call, we’ve got the answers. Captions by