Get an Accurate Credit Report for Your Bankruptcy Needs
Pursuant to Fair Credit Reporting Act (FCRA) a Chapter 7 bankruptcy can remain on your credit history for up to 10 years from the filing date while a Chapter 13 bankruptcy can remain for a maximum of 7 years from the date of filing. The FCRA only spells out the legal maximum amount of time a bankruptcy notation can appear on your report, not the minimum. This means a bankruptcy can be removed earlier than the legal maximum, but it must be proven that it is misreported, unsubstantiated or otherwise found inaccurate.
Bankruptcy notation removal from your credit history is a little more complex and requires the ability to show that the bankruptcy is being reported incorrectly. Otherwise, it will only come off after seven or 10 years depending on the type of bankruptcy.
The negative impact of a bankruptcy on your credit history will be dependent on the health of your score and history prior to the bankruptcy filing.
The FCRA has specific rules in place for challenging anything on your credit report that is incorrect, has remained on your credit history beyond the maximum allotted time frame, or cannot be verified or substantiated by the creditor who originally reported it. Because a bankruptcy notation remains on the credit report for so many years it common for errors to occur on a credit report. Common errors are:
- A debt that weas discharged in the bankruptcy proceeding is still showing a balance owed.
- Individual accounts included in the bankruptcy proceeding are still appearing on the credit history after seven years. Despite a Chapter 7 or Chapter 13 filing, the individual affected accounts can only impact your history for 7 years starting from original delinquency date, not the filing date of the bankruptcy in which they were discharged.
- The bankruptcy proceeding is still showing up on your credit history more than 10 years after the filing date.
- Any and all type of material error in how the bankruptcy proceeding was reported, on the credit history, i.e., spelling of names, inaccurate addresses, phone numbers, dates, etc.
The FCRA has specific rules in place for challenging anything on your credit report that is incorrect, has remained on your credit history beyond the maximum allotted time frame, or cannot be verified or substantiated by the creditor who originally reported it. Because a bankruptcy notation remains on the credit report for so many years it common for errors to occur on a credit report. Common errors are:
- A debt that weas discharged in the bankruptcy proceeding is still showing a balance owed.
- Individual accounts included in the bankruptcy proceeding are still appearing on the credit history after seven years. Despite a Chapter 7 or Chapter 13 filing, the individual affected accounts can only impact your history for 7 years starting from original delinquency date, not the filing date of the bankruptcy in which they were discharged.
- The bankruptcy proceeding is still showing up on your credit history more than 10 years after the filing date.
- Any and all type of material error in how the bankruptcy proceeding was reported, on the credit history, i.e., spelling of names, inaccurate addresses, phone numbers, dates, etc.