How long do installment loans stay on your credit report? This question is about What Is an Installment Loan?

Installment loans will stay on your credit report for up to 10 years after the account is closed. If the account is closed due to nonpayment, it will stay on your credit report for up to 7 years from when the lender reported the delinquency, while accounts closed in good standing will stay on your report for up to 10 years. How Long Installment Loans Will Stay on Your Credit Report Account Status Length of Time on Credit Report Open account As long as the account is open Account closed due to nonpayment Up to 7 years Account closed in good standing Up to 10 years If you think an installment loan is right for you, check out WalletHub’s picks for the best installment loans. Then, you can estimate your potential rates with our free pre-qualification tool.

Ad Disclosure Ad Disclosure

How long do installment loans stay on your credit report?

Answer Question Report Abuse

This question is about What Is an Installment Loan?

see this user

Grace Enfield, Content Writer

@grace_enfield • 09/16/22 This answer was first published on 09/16/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Installment loans will stay on your credit report for up to 10 years after the account is closed. If the account is closed due to nonpayment, it will stay on your credit report for up to 7 years from when the lender reported the delinquency, while accounts closed in good standing will stay on your report for up to 10 years.

How Long Installment Loans Will Stay on Your Credit Report

Account Status	Length of Time on Credit Report
Open account	As long as the account is open
Account closed due to nonpayment	Up to 7 years
Account closed in good standing	Up to 10 years

If you think an installment loan is right for you, check out WalletHub’s picks for the best installment loans. Then, you can estimate your potential rates with our free pre-qualification tool.

Answer Question

How long do installment loans stay on credit report after paid?

How do I get an installment loan off my credit report?

Do installment loans hurt your credit?

Installment loans can hurt your credit score if you do not pay on time, since the lender will report negative information to the credit bureaus. The hard inquiry into your credit history and the increase to your overall debt load when you first get an installment loan may also hurt your credit score initially.

On the other hand, if you make the monthly payments on time and stay current on the loan, the lender will...

read full answer

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.