International Baccalaureate (IB) Practice Exam

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How long does individual account information typically stay on your credit report after the last activity?

5 years
1 year
10 years
20 years

The correct answer is: 10 years

Individual account information typically remains on your credit report for a duration of 10 years after the last activity associated with that account. This includes records such as account openings, closures, late payments, and defaults. The purpose of maintaining this information for a decade is to provide lenders and financial institutions a comprehensive view of a borrower's credit history, which is crucial for assessing creditworthiness. The other durations mentioned are shorter and do not align with the standard practices of credit reporting agencies. For instance, while certain negative items, like missed payments, may affect your score for a shorter period, the overall account remains visible on your credit report for 10 years, serving as a significant factor in your credit profile.