π Download the MoneyHero App to check your credit report for free and understand the factors affecting your score!
The score on your credit report can affect the success rate of applications for credit products such as personal loans and credit cards. Many people may wonder if there is a way to "clean up" their credit record.
The answer is "wait"!
The information on your credit report is categorized into positive data, negative data, bankruptcy records, public records, and inquiry records. The companies providing credit reports will retain these 5 types of data for the following periods:
| Data | Example | Period |
|---|---|---|
| Positive Data | Timely credit card repayment records | Permanently until account is closed |
| Negative Data | Late payment records | 5 years |
| Bankruptcy Records | Records of effective legal proceedings | 8 years |
| Public Records | Debt collection and liquidation lawsuits | 7 years |
| Inquiry Records | TransUnion member inquiry records | 2 years |
Please note that you need to proactively contact TransUnion and arrange for "record clearing," and continue to maintain timely payments during the retention period.