Beebe and O'Neil

Tips for removing Chapter 7 bankruptcy from your credit report

People in Connecticut who have filed for Chapter 7 bankruptcy — or plan to — may worry about how to remove this record from their credit report. The first thing to note is that unless the record is an error, there may be no immediate way to dispute it and get rid of it.

Credit Karma notes that bankruptcy remains on a consumer’s credit report for up to 10 years from the date of filing. This may be the case even when all debts are discharged or paid in full. In spite of this, a decade is a long time and creditors understand this. As long as the individual maintains a clean record after this, the bankruptcy record soon begins to lose its effect.

One way that bankruptcy affects credit reports is to lower the overall score. This is because the score is calculated based on all the information contained in the report itself. So, for as long as a bankruptcy remains on record, the credit score may be lower than it otherwise could be. Once removed, the score generally begins to improve. If the debtor has not maintained a good payment history during recovery, this may not be the case.

Experian reminds consumers that they do not need to do anything to remove bankruptcies from their credit reports. These should get deleted automatically at the end of the seven-to-ten-years period. Specific accounts that were delinquent at the time of filing may drop off the report within seven years or so. If this does not happen, feel free to query with the relevant bureaus to see why this is.

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