Personal Bankruptcy
Question
In 2000 I needed to file a business bankruptcy but since I was self employeed I had to file a personal bankruptcy. Since it has been 7-years what can I do or can the bad ding on my credit be taken off? Thank you in advance for your responce.
J.R. H.
Answer
J.R.H.
According to the Fair Credit Reporting Act, a court record can stay on your credit bureau report for UP TO 10 years. In the case of a chapter 7 bankruptcy, the 10 year time frame would begin at your discharge date.
So, unfortunately, you still have time until this is removed on its own.
If you feel anything on your report is misleading, unverifiable, inaccurate or obsolete, you have the right to dispute those items and they could be removed prior to the maximum time outlined by the Federal Statue.
In addition, many creditors look at the last two years of credit history. So it is important to pay your current bills on time, keep you balances low, keep your inquiries low and have a healthy mixture of credit.
Hope this helps.
Candice
Tags: Ask Candice, bankruptcy