The most effective way to get a bankruptcy off a credit report is to make sure it never gets there in the first place. But if it does happen, it isn't the end of the world. As you work on repairing your credit, the bankruptcy will slip further away and eventually have less of an impact on your financial well-being. The up side of bankruptcy is that it gives you an opportunity to start over free of debt. The Federal Trade Commission tells consumers that bankruptcy laws also allow some exemptions, which let you keep certain assets.
Step 1
Request a copy of your credit report. You are entitled to a free annual credit report from each of the credit reporting agencies: Equifax, Experian and TransUnion. If you have already received your free report for the year, you can get your report again at no cost if you have recently been denied credit, a job or insurance based on information contained in your credit report.
Step 2
Look over your bankruptcy documents, examining the details of all the accounts, which were discharged in bankruptcy. Make certain that each account is listed on your credit report with a note explaining that those debts were included in your bankruptcy.
Step 3
Check to see that the account balances for any accounts included in your bankruptcy do not still show a balance. John Ulzheimer, president of Credit.com Educational Services, points out that when you declare bankruptcy, account balances, as well as records of any unpaid debts and late payments, are removed from your credit report. Instead, the report should indicate whether an account is included in chapter 7 bankruptcy or the chapter 13 wage earner plan.
Step 4
Invoke your right to dispute your bankruptcy records with a credit reporting agency. When you ask for verification of your bankruptcy, do not misrepresent yourself by inferring that you never filed for bankruptcy. State the facts accurately. Bankruptcy records are often moved to a warehouse of files after two years, and therefore can sometimes be difficult to locate and confirm. If your bankruptcy records cannot be verified, they must be deleted from your credit report.
Step 5
Notify the credit bureau if your bankruptcy still shows on your credit report after 10 years. Equifax, one of the three major credit reporting agencies, points out that a bankruptcy can only be listed on your credit report for up to 10 years from the filing date. Generally, bankruptcy is automatically deleted from a consumer credit report after that time has elapsed.
Member Comments