This is part of the Fair Credit Reporting Act and it's designed that way so future lenders that you apply too will know about your past credit history.
2007-12-08 08:21:27
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answer #1
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answered by ? 7
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acermill and Jim W need to do some homework.
True, a Chapter 7 and Chapter 13 will stay on your report for 10 years......but this does NOT apply to dismissed bankruptcies.
Once dismissed, they simply become public records, which falls under the 7 year rule.
Therefore, it will remain on your report as a public record. Yes it sucks....and it has a very bad effect on your record. But that's how the law was written.
2007-12-08 19:57:24
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answer #2
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answered by Anonymous
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Chapter 7 and 13 Bankruptcies stay on your report for 10 years as opposed to everything else, which is 7. Just because it's closed doesn't mean it will come off your record. If you pay off a bill collector it's still going to show on your report that you had a debt that went to collections.
2007-12-08 16:52:54
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answer #3
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answered by JimDog5575 3
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§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]
(a) Information excluded from consumer reports. Except as authorized under subsection
(b) of this section, no consumer reporting agency may make any consumer report
containing any of the following items of information:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the case may
be, antedate the report by more than 10 years.
My interpretation of the above tells me that it would be 10 years from the date of entry of the order for relief (discharge) or the date of adjudication (decision made to dismiss or discharge). So a dismissal would not drop until 10 years from the date of adjudication.
Sorry Studly, I have to disagree with your answer. You usually provide proof or research to back up your answer and have been highly critical towards many in the fact that they don't provide that evidence. I am not a lawyer, but the FCRA statutes regarding this seem reasonable clear to me. If I am misinterpreting, please let me know and explain why.
2007-12-08 21:17:43
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answer #4
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answered by Anonymous
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Actually, the Fair Credit Reporting Act allows a discharged bankruptcy to remain in your credit report file for TEN, not seven years. The seven year limit applies to other credit issues.
And, as others have indicated, a bankruptcy is an important part of your credit history to potential grantors of credit, and they have a right to know about it.
2007-12-08 16:38:30
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answer #5
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answered by acermill 7
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Just because the bankruptcy is closed, doesn't mean that every potential creditor should be blind to the fact that you've messed up financially in the not too distant past.
2007-12-08 16:17:14
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answer #6
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answered by Angie 6
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