Bankruptcy is a legal way to make pressing debt go away for those who meet certain financial criteria, notes the Federal Trade Commission. In addition to getting rid of unsecured debt, such as that acquired by using credit cards, bankruptcy can also prevent foreclosure, repossession, wage garnishment, and creditor harassment. However, bankruptcy comes at a huge price that can affect your ability to obtain new credit, gain employment, or even find a home or apartment to rent--this is why it should be considered only as a last resort. The FTC states that the specifics of a bankruptcy, including the date you filed as well as the date of discharge, usually remain on your credit report for 10 years. If you want to get a bankruptcy off your credit report, your options are limited unless the record has expired.
Remove Bankruptcy From a Credit Report
Step 1
Obtain copies of your credit reports from all three consumer reporting agencies, Experian, Equifax and TransUnion. By law, you are entitled to one free copy of these reports per year. The only online portal authorized to give you your free reports is annualcreditreport.com, notes the FTC. You can access and print out your credit reports online immediately. However, you can also call 1 (877) 322-8228 for your report or fill out the Annual Credit Report Request Form located on the website and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, Georgia 30348-5281
If you call or write for your reports, they will be sent out within 15 business days.
Step 2
Examine your credit records for information about your bankruptcy. Bankruptcy records should expire from your credit history 10 years after the date you filed, notes Credit.com. A credit bureau may choose to remove this information sooner in the case of Chapter 13 bankruptcy; if you see items with the notation "included in BK," these should expire after seven years from your filing date.
Step 3
Notify the credit bureau in writing if expired records pertaining to your bankruptcy have not dropped off your report, advises Credit.com. In your communication, include your name, address and contact information, as well as a brief reason why you're disputing the records. You may also want to include a copy of your report with the items highlighted or underlined, as well as supporting paperwork, such as copies of legal documentation that reflects your bankruptcy filing date.
Step 4
Send your communication to the reporting agency by certified mail, return receipt requested. Although this isn't a requisite, it provides proof of your communication with the credit bureau. It's also a good idea to make copies of your letter and any other documentation you sent the bureau for your own record keeping.
Step 5
Give the credit bureau at least 30 days to resolve your dispute from the time it is received. If bankruptcy is reflected in your credit report past the date at which these records expired, the bureau should remove the offending items and send you a written communication, as well as an updated copy of your credit report.
Things You'll Need
- Copies of your credit reports
- Copies of legal documents (such as filing and discharge papers)
- Pen and paper; or computer, paper and printer
- Envelope
- Money for certified mail service
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