Final answer:
Credit agencies can generally report negative credit information for about 7 years.
Step-by-step explanation:
The Fair Credit Reporting Act (FCRA) sets the guidelines for credit reporting agencies and the duration they can report negative credit information. Generally, credit agencies can report negative credit information for about 7 years from the date of the delinquency or the date of first default. This includes late payments, charge-offs, repossessions, and other negative credit events.
During this period, the negative information can impact a person's credit score and their ability to secure loans or credit. However, it's important to note that negative credit information doesn't haunt an individual forever. With time and responsible credit behavior, a person can improve their credit score and overcome past credit issues.
To avoid negative credit information, it is vital to pay bills on time, keep credit card balances low, and maintain a good credit history.