On Friday Consumerist gave a detailed explanation of the time it takes to various negative elements to drop your credit report. Most debts remain on your report for 7 years, but there are several exceptions.
delinquencies stay on your report for up to 7 years after the first missed payment. If, however, your payment was less than 60 days late, the ding to your credit score is to expire in a few years. If the original lender sells your debt to a collector, crime will remain on your report for a complete 7-year period, even if you pay the collector. A Chapter 13 bankruptcy is after 7 years, but a Chapter 7, 11 or 12 stays on your credit report for 10 years. collection accounts fall 7 years after the date of original delinquency. Closed accounts drop after 7 years if they have defaults, or 10 if there was a positive balance. judgments of child support, small claims and civil judgments fall 7 years after the judgment is filed. Tax liens are after 7 years if they are paid, or 15 if they are not paid. hard credit applications fall after 2 years. Positive accounts paid stay for 10 years. Information positive open credit, of course, remains on your credit report indefinitely.
Consumerist also points out that many credit scoring models consider only the last 24 months, and if you have 24 months restored high credit, most lenders consider you "rehabilitated."
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