No that is NOT correct. It takes 7.5 years, not 5

Automatic Removal of Information:

The list below is going to help you understand exactly when certain information is automatically deleted from your credit file. Reference this list when you review your own credit report to ensure all information is being reported accurately.

*Deleted Information-Delinquencies (30 days – 180 days late) : Remains seven years from the original delinquency date.

*Collection accounts : Remain seven years from the the original delinquency date that led to the collection. These accounts will come off after that time frame whether they’ve been paid off or not. If the collection account has been paid off, it will reflect “paid collection” on the credit report.

*Charged-off accounts : Remain seven years from the original delinquency date that led to the charge off, even if payments are later made on the charged-off account.

*Closed accounts : Closed accounts with delinquencies (late payments) remain seven years from the date they are reported closed, regardless of whether they were closed by the consumer or creditor. Positive closed accounts remain 10 years from the date they are closed. Any account that is closed, can no longer be used and it may or may not have a remaining balance.

*Lost credit card : Credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost, if there are no delinquencies. Delinquent payments that occurred before the card was lost are reported for seven years from the original delinquency date.

*Bankruptcy : Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. The accounts showing as “included in bankruptcy” will remain seven years from the date they were reported as such.

*Child support judgments : Remain seven years from the date the judgment is filed.

*Civil and small claim judgments : Remain seven years from the date the judgment is filed. If the item as been paid, you should have received a Satisfaction of Judgment, and you need to file that yourself in the county clerk’s office where the original judgment was filed. This is the only way your credit report will reflect this being paid.

*City, county, state, and federal tax liens : Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

*Inquiries : Inquiries listed on your credit report will remain for two years. Soft inquiries, such as those for requesting your own report, removed offers of credit, employment, and for insurance will show only when you request your own credit disclosure and will not be provided to lenders. These will not affect your credit scores.

*Paid positive accounts: Remain 10 years, and positive open credit information remains indefinitely.

*Student Loans: Remain until paid. When you’re in default on a student loan, you can’t defer payment of the loan. In fact, you may have to pay it all at once unless you come up with and acceptable repayment plan with the creditor. On top of that, you won’t be eligible for further student aid, your school may withhold your transcripts, state and federal income tax refunds may be used to offset the loan amounts, and your wages may be attached or garnished once you get a job. Student loans are also not allowed to be discharged in bankruptcy.

That said, it will stay on your credit report for 7 years, unless you negotiate a “pay for deletion” through the collection companies or your state’s statue of limitations is shorter than 7 years. If that is the case, then you can dispute the accounts through http://www.AnnualCreditReport.com and get them off with that reason. If any one of the companies file a “judgment” against you, that will accrue interest and remains on for 10 years.

For statue of limitations for your state, visit: http://www.fair-debt-collection.com/statue-limitations.html

For a “Pay for Deletion” letter, visit: http://www.credittrauma.com/free-letters/pay-for-deletion-from-credit/

actually thats not true.negative items stay on the report for 7 years.

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