Removing Chapter 7 from Credit Reports

In 1970, the Fair Credit Reporting Act (FCRA) was passed by Congress and it remains an important pillar of American consumers’ credit rights to this day. If you’re considering filing for Chapter 7 bankruptcy, you will usually receive your discharge in six months or less, but you may be wondering when the bankruptcy will be behind you in terms of your credit report. In accordance with the FCRA, there is a ten-year maximum for reporting bankruptcy proceedings on credit reports.

After you are successfully discharged from Chapter 7, the bankruptcy will remain on your credit report for up to ten years, and when this deadline is reached, it should be automatically removed from your credit history. However, it’s important that you follow-up to confirm that it has been removed, as some debtors have found their bankruptcy still on their credit reports long after credit report agencies were obliged to remove it, resulting in unnecessary financial difficulties until it was fully removed. If your bankruptcy is due to be removed from your credit report, obtain a free copy of your report from one of the three major bureaus (Equifax, Experian, TransUnion), and if you’ve been a victim of a company’s violation of the Fair Credit Reporting Act, speak with an experienced attorney as soon as possible.

If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consulation.