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greg
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Subject: remove bankruptcy
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Thu Mar 26, 2009 4:43 pm
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| Is there anything one can do to remove bankruptcy from credit report after 8 years? |
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HTDI-Brian
Joined: 26 Mar 2009
HTDIBrian's page
Posts: 17
Location: Gilbert, AZ
640 Magic Points
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Subject: BK
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Thu Mar 26, 2009 11:40 pm
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Many bankruptcy attorneys do not adequately explain the effects of bankruptcy to their clients. Stated simply, bankruptcy is to the credit rating what the nuclear bomb is to war. When you file for bankruptcy, every credit account that you decide to include in bankruptcy will become an "included in bankruptcy" account. Additionally, a bankruptcy filing and bankruptcy discharge listing will appear in the court records section of your credit report.
Bankruptcy information fall under the same guidelines as other negative listings. If it cannot be verified or if it is inaccurate, it must be corrected or deleted from the report.
When you speak with credit grantors, collection agencies, or credit bureaus, their typically under-educated staff may tell you all manner of such pseudo-legal nonsense. The law demands that public records such as a bankruptcy will appear on your credit report for "no longer than" or "up to" ten years. The courthouse or the credit bureau can choose to delete the negative credit listing whenever they see fit or if the items are unverifiable, inaccurate or incomplete.
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Brian C. Aber
Senior Account Executive
877-877-4834 x704
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
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Fri Mar 27, 2009 9:19 am
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Almost all negative items stay in your credit report for seven years. However, bankruptcy may stay in your credit report for seven to ten years after which it will automatically get removed from your credit report. Since seven years has already expired from the date your bankruptcy has been discharged, you can dispute the listing with the credit bureaus and try to get it removed.
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Where there's a will, there's a way !! |
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HTDI-Brian
Joined: 26 Mar 2009
HTDIBrian's page
Posts: 17
Location: Gilbert, AZ
640 Magic Points
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Fri Mar 27, 2009 3:13 pm
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The law demands that public records such as a bankruptcy will appear on your credit report for "no longer than" or "up to" seven to ten years.
It all comes down to whether or not the negative items are meeting the requirements of the Fair Credit Reporting Act for them to be continously reported. If they aren't or they aren't verified within a reasonable amount of time then, by law, they must be deleted.
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Brian C. Aber
Senior Account Executive
877-877-4834 x704
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Sonya Roberts
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Sun May 17, 2009 2:50 am
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| I filed bankrupcy and did not need it so it was open and closed in less that 60 days. It is still on my credit report. Is there anything I can do to have it removed? |
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Firang
Joined: 28 Apr 2009
Firang's page
Posts: 59
0 Magic Points
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: RE : Bankruptcy
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Mon May 18, 2009 9:18 am
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Hi,
Supporters of the bill, however, are confident that the changes will be for the better. They believe it will force lenders to put more effort into helping troubled borrowers, instead of going straight to foreclosure. By offering solutions such as loan modification, they can cut down on foreclosures by state and minimize losses for both parties. It also offers a viable alternative to going to court and filing for bankruptcy.
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Mortgage Loan Modification
Loan modification Expert
800 738 1170 |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Tue May 19, 2009 8:24 am
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Hi Sonya Roberts,
You should send a Dispute letter to the credit bureaus. You will find a sample of a Dispute letter if you visit the following link: http://www.creditmagic.org/repair/dispute-letter.html . Enclose documents in support of bankruptcy closure. You can also enclose a copy of your credit report, marking the item that you are disputing.
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Looking forward to a debt-free life. |
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cdloanmod
Joined: 26 Jan 2009
cdloanmod's page
Posts: 24
Location: Laguna Hills,CA
790 Magic Points
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Subject: Re : Bankruptcy
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Wed May 20, 2009 9:02 am
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Hi,
All I know that the compromise would also allow judges to study each case to see if the lenders’ terms match those in the housing plan, which is a debt-to-income ratio of 31%. If the borrower receives a loan modification but is still over the DTI limit, he or she can still apply for Chapter 13 bankruptcy. |
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