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Question By
Racheleighc

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Will a bankruptcy come off automatically?
I had a bankruptcy (ch 7) filed in Sept. 2004. It is now Oct 2014 and therefore should be coming off my report. Will it do so automatically? If so, when? If not, do I need to contact all three credit report companies? Thanks!

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Automatically.

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You dont have to do anything specific to get it removed after the seven- or 10-year reporting period is up. “It’s automatic,” says Griffin. “We track the filing date and we will delete the public record automatically.” says Rod Griffin, director of public education for the credit reporting bureau Experian.

Reply by
NSR007

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Helpful to 183 out of 252 people

What determines if it stays on for 7 or 10 years? Some websites say it stays on your record for 7 years, others will say its 10.

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Reply by
ernestf01

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Helpful to 110 out of 159 people

Not believe regular bad credit drops off from the date it became late. But have seen companys intentionally not report accounts late for years. Have seen others sell to bad dept to collection agencys which then report a new late date on the same dept. So they can mess up your credit big time. So best advice is learn what is legal and what isnt legal. As for bankrupcy being a public record believe its 10 years, I had no choice when I became disable because my current expences were 4 times more than my disability social security income was and I was 100 percent paid in. So unlike a lot of lenders think not all bankrucpys are signs of bad borrowing habits. Stuff happens. Just dont worry about bankrupcy. If its 10 years dispute it on the discharge date or after that date. As for how to rebuild credit. You can start with secured cards. work way up to annual fee cards then to none annual fee cards. Once got at least 2 none annual fee cards allow them to get so age and start droping the fee ones. This will hurt your current credit history but the good news is if paid on time they will stay on credit reports for quite some time. So helps the over all amount of credit history. So points will drop but they will allso recover some as well

Reply by
1229cccc

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Helpful to 75 out of 96 people

how do you know if it is the 7 or 10 years for the bankruptcy to come off of the account?

Reply by
123cath

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Helpful to 1 out of 3 people

Not true that its automatic  it was ten years last month still on the books. What can I do?

Reply by
zinzel23

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Helpful to 5 out of 7 people

Well, my Bankruptcy should have dropped off "automatically" 5 months ago. Now what do I do?

Reply by
truongnguyen

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Helpful to 11 out of 19 people

7 or 10 years ? how many years exactly ?  I had a bankruptcy (ch 7) filed in Oct. 2008; When it going to be removed ?

Reply by
DebtReallySucks

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Helpful to 1 out of 1 people

That is what's supposed to happen, yes. However, it's imperative that you keep a look on your reports just to follow up and make sure it falls off because that has not been the case with everyone. That is actually what I use CK for, mostly. Just to keep track of inquiries and/or any changes on my reports with the different bureau's.

Reply by
giggahertz28

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Chapter 7 will be removed 10 years after the Filing Date. Chaper 13 can report for 10 years but would be removed after 7 years

Reply by
JenniferPheonix

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Enter Your ReplyIf this is true why is my 17 year old bankruptsy still showing on my report?

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Concerning Bankruptcies

Helpful to 34 out of 42 people

Typically Bankruptcies will stay reported on your Credit Report for 10 years (per  Fair Credit Reporting Act (FCRA) ). However, fortunately, most of the Credit Reporting Agencies will remove then after 7 years has passed. This is also true regarding paid collections or other similar negative information on your Credit Report effecting your Score negatively. Bankuptcies are Public Record/Information, therefore you can easily find and check them out yourself using Public Access to Court Electronic Records (PACER) system. 

Please note that most accounts included in the file will be removed prior to the actual Bankruptcy. The great news is that the Credit Agencies track these and remove them for you automatically. So no need to contact them yourself. Just during this period, it is vital to ensure what is on  your report is accurate.

It is very important to note that once your bankruptcies is removed to begin rebuilding and reestablishing credit history. One suggestion is taking advantage of using a Secured Credit Card. While this will avoid debt because you are securing the credit card with your own monies, it is important to treat it the same as a unsecured credit card. The reason is because it also gets reported to the credit agenies. So use it wisely, pay on time, and manage well. 

Hopefully this information is useful and addresses your question, which was a great one!

Reply by
bwell99

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You can start rebuilding your credit the day after it discharges. I bought a brand new truck and picked it up as I came from the courthouse with my discharge paper. There are unsecured ways to rebuild also. First premier, credit one and capital one. But you are going to pay a hefty fee. It's been 3 years and only 2 accounts on my credit report even mention BK. They've all dropped off. I've learned the long hard way and a lot of reading and asking questions but finally at 50 I'm getting a handle on budgeting and good credit. 

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Removing Bankruptcy

Helpful to 118 out of 174 people

You've asked a great quuestion. But the truth is once your bankruptcy has been discharged it can be removed the following month. Credit reference agencies are not government operated companies. Instead they are privately owned companies that makes money off of what is being reported on your credit. I know this can be hard to beleive. But it's more than true here is my website, check out this information and be the next person on their way to credit success. 

myfes.net/amiles

Reply by
easternstates

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Helpful to 3 out of 3 people

How do you get it removed totally?

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Bankruptcy

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If it were me (and it will be soon), I would absolutely call AND write all 3 credit reporting agencies requesting all bankruptcy info be removed ASAP (attaching a copy of the discharge paper wouldn’t hurt either).  Time is up, 10 years and 1 day is 1 day too long.  I definitely would not "wait to see what happens".  

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Reply by
RichardBBB123

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Helpful to 81 out of 109 people

My Ch7 file date was 12/30/2004 so, from everything I read, I expected it to drop at the 10-year mark - 12/30/2014.  But the Ch7 fell off of my Experian report on 9/20/14 and it fell off of my Equifax on 11/1/14.  The last report it fell off of was Transunion on 11/26/14.  

I also read several times that if all other credit is good during the 10-year period then the Chapter 7 has less and less effect.  I believe that to be true because I was able to obtain great auto loan rates and credit cards that are normally difficult to get like Discover.  But I knew the Chapter 7 still affected my score but wasn't sure how much.  My experience, when it finally came off of my TU report, was my score went from 700 to 726.  It was terrific to see a 26 point jump.  I have credit cards that now show my FICO score so I look forward to seeing the change with those soon (they pull from the other credit bureaus, not TU).

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ka

Helpful to 14 out of 17 people

when you be able to buy house after   bankruptcy  chapter 7

Reply by
bwell99

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Helpful to 4 out of 7 people

When your score reaches 640...

Reply by
TWDesigns

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3 years is what all lenders told us while looking for a house. At the 3yr mark we were able to get a home loan with no problems.

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Reply by
Random789644

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Helpful to 1 out of 1 people

Chapter 7, see above... generally 2-3 years after discharge, you can get a home loan as long as you have a fair credit score (reputable VA/FHA lenders usually require at least 620 averaged across all three bureaus for traditionally-built homes, and an average of 640 or better for pre-manufactured homes.) No down payment is requried for VA and/or FHA loans. VA/FHA loan rates are generally 2% above prime.
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For conventional loans, you'd be best to have a score of at least 725-750 (average FICO score across all 3 bureaus) and be prepared to have at least 20% of the price to put up as a down payment.. if you have a Chapter 7 that's less than 7 years old, be prepared to put up even more as a down payment and to eat a higher interest rate.

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It *is* possible to get a mortgage with a score average as low as 580, but be prepared to pay a higher interest rate, pay a huge down payment, etc.

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Bankruptcy

Helpful to 7 out of 8 people

What do I do to have the my bankruptcy removed

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Helpful to 6 out of 6 people

I bought a house 2 year after a chapter 7. So there is hope

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Helpful to 4 out of 4 people

If it does not fall off then you write  dispute. 

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Not up to date!

Helpful to 19 out of 25 people

My bankruptcy was removed in February of this year. Now, in November, it still shows up on here!!

Reply by
kelli216

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Helpful to 15 out of 19 people

removed as in its been 10 years, or dismissed? that's usually the difference, i'm not very helpful in telling you what you can do if its been 10 years though, rather than just contact the credit reporting sites.

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Bankruptcy Removal From Credit Reports

Helpful to 2 out of 2 people

They will not take that off your report for 10 years to the day so make sure that the exact day of your dischage is correct. If you have a copy ot the discharge and its been 10 years then send each credit bureau a copy of that paper and your Current credit report to them by certified mail and tell them they are required to remove the item by law and just wait and I am sure you will get it removed and a fresh copy of your report reflecting the difference. Hope this helps you out. 

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