Old Debts
Date: Mon, 06/27/2005 - 07:31
Old Debts
Hello,
My bankruptcy has been discharged for over 7 years, but the items are sitll on my credit report, and that's bringing my credit score down. Should this come off my report automatic, or how does it work?
My bankruptcy has been discharged for over 7 years, but the items are sitll on my credit report, and that's bringing my credit score down. Should this come off my report automatic, or how does it work?
Hello,
Hello,
My bankruptcy has been discharged for over 7 years, but the items are sitll on my credit report, and that's bringing my credit score down. Should this come off my report automatic, or how does it work?
Hi, yes it is possible for companies to keep a bankruptcy for over seven years. Although many will remove it after 7 years, the time limit for reporting negative information (bankruptcy) is 10 years.
So, if you have not reached that threshold, you may have a few more years to wait. If you have passed the 10 year mark, you may want to contact the bureau and tell them about this. This may be an oversight on there part.
Even though you have a bankruptcy, creditors will still be willing to work with you. Admittedly, it may be a little harder to rent an apartment, obtain a credit card, or obtain a home mortgage loan. But that is just comes with the territory of a bankruptcy.
Hi Michael Welcome to the forums. The bankruptcy court does
Hi Michael
Welcome to the forums. The bankruptcy court does not have any jurisdiction over the credit bureaus. The Fair Credit Reporting Act, 6 U.S.C. Section 605, is the law that controls credit reporting agencies. According to the law, no credit bureau can report bankruptcy on person's credit report after 10 years from the date the bankruptcy has been filed.
Other negative information is removed from the credit file after 7 years. There are some credit reporting agencies which remove chapter 11 and chapter 13 bankruptcies after 7 years in order to insist them to file for the said chapters.
Regards
Roxette
