Luckily, there are set time frames for how long information remains on a credit report. In general, information more than seven years old from the date of last activity (ten years for bankruptcies) must be removed from file.

The primary purpose of credit bureaus is to ensure that creditors have the information they need to make lending decisions. Typical clients for a credit bureau include banks, mortgage lenders, credit card companies and other financing companies.

There are several credit reporting agencies in the U.S., but most people are familiar with the big three: 1. Equifax 2. Experian 3. TransUnion