By law and FCRA - Fair Credit Reporting Act - the bankruptcy will have to be indicated on your report. You can TRY to have it removed if it's been over 7 years??
See my hub for more info: Free Credit Repair
However, this is not the end of the world. Many creditor's like to see someone starting over. I've known those right out of bankruptcy qualifying for a house, new car, etc....
the answer given is half right: a chapter 13 remains for 10 years, a 7 remains for 7 years and you really cannot legally remove it. Sorry. The tactic the above hubber is trying to tell you about is the "credit repair" people promise to repair everything, they get a copy of your credit report, write letters to the big three reporting agencies and put all negative items in dispute status - which TEMPORARILY forces the items off of your report for a small window of about 30 days. During that small window of time you appear to have good credit.
But mind you in the current climate you should know up front that knowingly applying for credit and representing yourself as having excellent credit while doing this constitutes misrepresentation to the bank you are applying to for credit - FRAUD - so I do not recommend it.
Actually, a bankruptcy, whether a Chapter 7 or a Chapter 13, stays on your credit report for 10 years. The laws changed in 2005, and now both types are reported for 10 years. In general, during the first two years after a bankruptcy is filed, you will have a difficult time getting credit at a reasonable interest rate. But as time goes by, those difficulties decrease. If you have a car and/or house and continue making those payments in full and on time, your credit will recover fairly quickly. After the two-year period, you should try to obtain a low-limit credit card, and make small charges you can pay off in full each month. It take time and discipline, but within about five years after you file a bankruptcy case, your credit score can be moderate to good. However, the best thing to do is avoid incurring debt at all. I'm a bankruptcy lawyer, and I have no credit cards. It's a huge relief to live your life on a cash basis, and not dread every walk to the mail box. I strongly encourage my clients to end their enslavement to credit scores, build up a healthy bank balance, and stop throwing their money away on interest payments to creditors.
What's funny is that lenders are often willing to loan to people who still have a bankruptcy on their report. Because the bank knows that you don't have any outstanding debt, and are looking for ways to improve your credit. Also, with the new laws in place, they know you won't be able to declare bankruptcy again for a while, making you a relatively good risk. Often the rates will be higher, but if you manage your accounts well, you should be able to improve those rates over time.
Technically, bankruptcy cannot be removed from your record untill one serves the number of years specified by law. However, you can improve your credit score by getting calling the credit card companies or your bank to close all account that is in red and you will then get a credit report that will be clean.
Note however that you are obliged to include a bankruptcy note in your loan application
A bankruptcy filing can legally remain on your credit report for 10 years. If you filed for Chapter 7 bankruptcy then it will remain on your credit report for 10 years. Generally for a Chapter 13 bankruptcy most credit bureaus will remove the bankruptcy filing after 7 years. Although there does not appear to be anything that requires that credit bureaus remove a Chapter 13 bankruptcy after 7 years, the general policy of the credit reporting agencies has been to remove it after that time.
There is nothing you can do about bankruptcy on your credit, but wait. After the period of time allowed, it is definitely removed.
Overall, the reporting of the bankruptcy will remain on your credit for 10 years. However you can contest within a few months of the bankruptcy discharge creditors who were discharged and may still be reporting. This does not always remove them from your credit history, but if you send a creditor a "debt validation letter" requesting original documentation and proof of the debt they claim you owed and they are NOT able to provide it, they must remove the information (a little secret).
Again, this does not work with all creditors but I just recently helped a friend who got out of chapter 7 bankruptcy dispute about 15 creditors who were reporting but had been discharged. It came back with about half of them falling off.
Hope that helps!
first need to realize that your chapter seven bankruptcy is no different as a negative item on your credit report than say, a charge off.
Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due. For more details visit http://www.bankruptcy-insolvency.co.uk/ … ruptcy.php
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