According to The Fair Credit Reporting Act, 6 U.S.C. Section 605, law states that credit reporting agencies may not report a bankruptcy case on a person’s credit report after ten years from the date the bankruptcy case is filed. The larger credit reporting agencies belong to an organization called the Associated Credit Bureaus. The policy of the Associated Credit Bureau tries to remove Chapter 11 and Chapter 13 cases from the credit report after seven years to encourage debtors to file under these chapters. The bankruptcy court has no influence over these reporting policies.
Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report. It is still possible to build a positive credit report even with a bankruptcy on your record, so long as you act responsibly. If you’ve ever received credit card offers before, you are likely to receive them again after your bankruptcy. If your goal is to build good credit, it’s worth your while to consider the post-bankruptcy card offers that you receive with an eye toward building a record of consistently and fully repaying an open line of credit each month.
The Federal Trade Commission has a website that allows consumers a free credit report from the three major credit reporting companies: https://www.annualcreditreport.com/cra/index.jsp. Attorney, Michael Blickensderfer encourages all consumers to check their reports on a regular basis to ensure they do not contain any false information. Should you find anything questionable, report it to the credit agency immediately. If they are not willing to help you resolve this issue, call a Tampa bankruptcy attorney today at 813-931-0840.