Generally, negative information remains on your credit report for 7 years from the date it occurred. There are exceptions, however. Bankruptcy information stays with you for 10 years. And notice of a lawsuit or an unpaid judgment stays until the statute of limitations runs out.
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.