Removal of Bankruptcy From a Credit Report

[shepweb]

You always read about it and hear about it, but nobody really explains it !

How do you legaly have your Bankruptcy removed from your Credit Report ?
In my case, bankruptcy was completed in 1997, I have not created any bad dept since, I have been in excellent standing with the two credit cards I have aquired since. Always pay my bills on time / pay off ahead of time. But my FICO score has not climbed much. Reason is the bankruptcy on file.

If anyone has valuable info about the process, or personal experience with this type of situation, I would be very happy if you could post the info here.

Thank you !

[aaron]

The scammers sell you books telling you to object to the information, which can result in its temporary removal as the credit reporting agency verifies that it is accurate. But it is accurate, so even if temporarily removed the bankruptcy soon again appears on the debtor's credit report.

For most purposes, the bankruptcy will stop appearing on your credit report after ten years, which for you seems to be next year.

[shepweb]

Thank you for your quick response.
If I understand this correctly, after the ten year period is exceeded my FICO score will raise according to my financial behaviors and I would finally be able to apply for a home loan without having the bankruptcy holding me back ?

[aaron]

Once the bankruptcy drops off, assuming your record is otherwise good, your credit situation should improve markedly. You can use the site, http://www.annualcreditreport.com , to look at your credit reports from the major reporting agencies once per year, for free. (They will try to sell you additional information or services, including your credit score - you don't have to buy anything.) They will provide your credit score (which can vary for each agency) for a fee.

[LadynRed]

You can legally dispute anything that is inaccurate on your credit reports. If there is ANYTHING about the way the BK is listed on your reports, you can dispute it and it's perfectly legal, certainly not a scam. If the CRA cannot verify with the furnisher of the information, they MUST delete the entry.

Perfectly legal disputes, and you MAY get lucky and have the BK deleted from your reports. After 9 years, it's not likely it will be re-inserted. If it's 100% accurate, well, you only have a short period of time to go before it drops off.

[GreatGadsby]

if the loan you apply for is more than $150,000. then the reporting period limitations no longer apply. they will still see the BK. whether or not they hold it against you is up to them.