Final answer:
False. One piece of credit information can actually affect your credit score for up to 10 years.
Step-by-step explanation:
False
One piece of credit information can actually affect your credit score for up to 10 years. This includes negative information such as late payments, bankruptcies, and foreclosures. However, positive information, such as on-time payments and a long credit history, can stay on your credit report indefinitely, which can help improve your credit score.
It's important to note that while negative information may stay on your credit report for a certain period of time, it doesn't mean that it will have the same impact on your credit score throughout that entire time. As time goes on, the negative impact of past credit mistakes may decrease, especially if you establish a pattern of responsible financial behavior.