Credit reports - Bankruptcy - Explanation
Credit reports - Consumers have been led to believe through the credit industry advertisements that one’s credit report equates with one’s credit capacity that is one’s financial ability to obtain increased amounts of credit. These two are not the same.
A credit report may show that you have made every payment on time for every loan for your entire life and then even still you are not accepted for more credit because you cannot ever pay off the loans, credit and debts, which you already have. What is a credit report? A credit report is a history. Under federal law, you are entitled to an accurate history, but not to a re-writing of truthful history. That history can properly include delinquencies or bankruptcy.
A bankruptcy discharge will not erase discharged creditors or your pre-bankruptcy payment history. After a bankruptcy discharge, the amount outstanding for each discharged account should be shown as zero.
Your credit report is not an absolute account of everyone to whom you may owe money. Generally national creditors provide debt payment history to the credit reporting agencies. Typically local Landlords, Dentists, Veterinarians, etc., may not make reports. Not all creditors report to credit reporting agencies; your credit report lists only those that do report and the contents of the public record.
Credit reports after bankruptcy: Your bankruptcy as well as any payment history can be reported on your credit report for 10 years from the filing of the case. Assuming you have income, you should be more credit worthy after a bankruptcy than you were before, since your old debts no longer have a claim on your future income. And, you now have more “disposable income”.
After the discharge, you are entitled under federal law to have the balance of each discharged debt reported as "O". The history of delinquencies can be reported, but the balance must be zero. If it is not so reported, dispute the debt.
Negative history on your credit report is just that: history. It does not doom you to perpetual credit rejection. It does challenge you to strengthen your financial attitude by saving and using credit carefully.
Fixing your credit report
You don't need to hire anyone to see to it that errors in your credit report are corrected or positive information is reported. In fact, many credit repair offers are scams that, at best, waste your money and, at worst, involve you in a crime.
Under the Fair Credit Reporting Act, you can challenge information that you believe is inaccurate. If the reporting agency can't verify the accuracy of the information, they must remove it.
Bureau Information
Bureau Information Bureau Telephone Number
Equifax 1-800-685-1111
Experian 1-888-397-3742
TransUnion 1-800-888-4213
If you have received a discharge in bankruptcy, it is in your interest to have the discharge noted on your report, since it is proof that the old debt is no longer legally enforceable.
Consumers are entitled to a free credit report annually from each of the major reporting agencies. You can access that free credit report at the following website: annualcreditreport.com
A credit report may show that you have made every payment on time for every loan for your entire life and then even still you are not accepted for more credit because you cannot ever pay off the loans, credit and debts, which you already have. What is a credit report? A credit report is a history. Under federal law, you are entitled to an accurate history, but not to a re-writing of truthful history. That history can properly include delinquencies or bankruptcy.
A bankruptcy discharge will not erase discharged creditors or your pre-bankruptcy payment history. After a bankruptcy discharge, the amount outstanding for each discharged account should be shown as zero.
Your credit report is not an absolute account of everyone to whom you may owe money. Generally national creditors provide debt payment history to the credit reporting agencies. Typically local Landlords, Dentists, Veterinarians, etc., may not make reports. Not all creditors report to credit reporting agencies; your credit report lists only those that do report and the contents of the public record.
Credit reports after bankruptcy: Your bankruptcy as well as any payment history can be reported on your credit report for 10 years from the filing of the case. Assuming you have income, you should be more credit worthy after a bankruptcy than you were before, since your old debts no longer have a claim on your future income. And, you now have more “disposable income”.
After the discharge, you are entitled under federal law to have the balance of each discharged debt reported as "O". The history of delinquencies can be reported, but the balance must be zero. If it is not so reported, dispute the debt.
Negative history on your credit report is just that: history. It does not doom you to perpetual credit rejection. It does challenge you to strengthen your financial attitude by saving and using credit carefully.
Fixing your credit report
You don't need to hire anyone to see to it that errors in your credit report are corrected or positive information is reported. In fact, many credit repair offers are scams that, at best, waste your money and, at worst, involve you in a crime.
Under the Fair Credit Reporting Act, you can challenge information that you believe is inaccurate. If the reporting agency can't verify the accuracy of the information, they must remove it.
Bureau Information
Bureau Information Bureau Telephone Number
Equifax 1-800-685-1111
Experian 1-888-397-3742
TransUnion 1-800-888-4213
If you have received a discharge in bankruptcy, it is in your interest to have the discharge noted on your report, since it is proof that the old debt is no longer legally enforceable.
Consumers are entitled to a free credit report annually from each of the major reporting agencies. You can access that free credit report at the following website: annualcreditreport.com