Most derogatory remarks and other negative credit notations (late payments, loan defaults, etc.) are maintained for up to seven years in your credit file. Bankruptcy notations are maintained for ten years in your credit file. In the event of a disagreement with a creditor, a letter can be placed in your credit file explaining your position. In the event of computer error, a conference with the appropriate representative of the Retail Merchants Association will assist in correcting the problem.