How long does my bankruptcy remain on my credit report?

credit report consumer bankruptcy

How long does my bankruptcy remain on my credit report?

Your credit report can show your bankruptcy filing for up to 10 years, but many credit reporting agencies will remove it after 7. Having a bankruptcy on your credit record could make it harder to rent an apartment or to obtain a credit card at a favorable rate of interest. It might also make it very difficult to obtain a home mortgage loan or insurance.

“Wiping the slate clean” through bankruptcy also puts all future lenders on notice that you have had difficulty repaying your debts; creditors are more likely to either refuse to extend credit, or to make you pay (through higher interest rates, for example) for the additional risk they are taking in extending you credit.

However, even with a bankruptcy on your credit report, many lenders will do business with you and extend you new credit. This is because the discharge obtained in bankruptcy leaves all future earnings free from the claims of past creditors.

Copies of a credit report can be obtained from one of the following sources: (1) Experian (formerly TRW), http://experian.com; (2) Equifax, http://equifax.com; (3) Trans Union, http://tuc.com. The reports contain loans and credit card accounts, balances and payment history, bankruptcies and liens. In many cases, you’ll be entitled to a free copy of your report so long as you don’t ask for extra-cost “products” like a credit score or automatic update reports.

(Reviewed 11.3.08)

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