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pscglenn

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Bankruptcy Question
In 2010 I filed bankruptcy and was later discharged later that year, I am working hard in trying to rebuild the good credit that I once had so I monitor my credit very closely. So here is a question that I can not seem to find any answers on. On my credit report(s) I see 3 creditors Verizon, Walmart, and JC Penney all listed as included in Bankruptcy with a -0- balance and closed in 11/10 at creditor grantor's request but why do they continue to update every month since 2010. With then doing that is this bringing my credit score down and are they permitted to continue to do this. I have disputed each of them but nothing was ever done to remedy this situation.

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They are doing exactly what they are allowed to do by law.  They're listing accounts as zero balance, and will continue to show up until 2017.  However, just because they are reporting every month doesn't hurt your score any worse that it already is.  Once you take the hit for a bad account, you've taken the hit.  To learn more about how credit scores are calculated either read the articles at this website or visit www.myfico.com.

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Also, please realize that creditors have to report every month.  The credit bureaus do not keep a file on everyone, they have no historical information.  When someone pulls your credit report, they don't go to a file with your name and then send info.  They have to pull data from their entire database of creditor provided data on everyone with credit in the United States (picture their database as an ocean and everyone's credit information provided by creditors are the fish).  By using your unique information (i.e. SS number, name, zip code, birthdate, etc.) they are able to "skim" your credit data from the pool. Creditors submit data constantly, so any time a report is pulled, the info is as of that date and time, it's a snapshot of your credit at that moment.  Hope this helps.

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depending on what type of bankruptcy.... it'll be reported until 2017 for a chapter 13 or 2020 for chapter 7

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Bankruptcy

I filed for bankruptcy in 2009, it was dischrged in 2014, how much longer will it remain on my credit report? Since then i've been monitoring my report, and I have opened 2 new accounts which i've been making on time & consistant payments. Is there anything else I can do to either remove it, or not have it look as bad on my report?

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