International Baccalaureate (IB) Practice Exam 2025 – All-in-One Study Guide for Exam Mastery!

Question: 1 / 400

How long does individual account information typically stay on your credit report after the last activity?

5 years

1 year

10 years

Individual account information typically remains on your credit report for a duration of 10 years after the last activity associated with that account. This includes records such as account openings, closures, late payments, and defaults. The purpose of maintaining this information for a decade is to provide lenders and financial institutions a comprehensive view of a borrower's credit history, which is crucial for assessing creditworthiness.

The other durations mentioned are shorter and do not align with the standard practices of credit reporting agencies. For instance, while certain negative items, like missed payments, may affect your score for a shorter period, the overall account remains visible on your credit report for 10 years, serving as a significant factor in your credit profile.

Get further explanation with Examzify DeepDiveBeta

20 years

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy