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Posted in Bankruptcy
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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.

Helpful to 317 out of 342 people

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 125 out of 180 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 93 out of 134 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 55 out of 70 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 2 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 1 out of 2 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 3 out of 8 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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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.

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Removing Bankruptcy

Helpful to 98 out of 145 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

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Bankruptcy

Helpful to 57 out of 73 people

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 70 out of 97 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 11 out of 13 people

when you be able to buy house after   bankruptcy  chapter 7

Reply by
bwell99

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Helpful to 1 out of 1 people

When your score reaches 640...

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Concerning Bankruptcies

Helpful to 13 out of 18 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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Helpful to 4 out of 6 people

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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5 People Helped

Bankruptcy

Helpful to 5 out of 5 people

What do I do to have the my bankruptcy removed

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18 People Helped

Not up to date!

Helpful to 18 out of 24 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 13 out of 17 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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Helpful to 2 out of 2 people

If it does not fall off then you write  dispute. 

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8 People Helped

7-10 years

Helpful to 8 out of 10 people

Pretty sure the way it works is after 7 years, most creditors don't really pay much attention to a bankruptcy when applying for a loan, even tho it still shows up on the credit report. However, after 10 years, it does automatically come off the credit reports. Probably not to the day, I think it was a month or two after 10 years before mine came off.

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Consolidation

Helpful to 9 out of 11 people

I lost my job along with everything else. I finally found a job and need to find a reputable Financial company to consolidate my debt. Please help.

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