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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33883
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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when will a bankruptcy filed 8/1999 be removed from my credit

Resolved Question:

when will a bankruptcy filed 8/1999 be removed from my credit reort?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 5 years ago.

The date is 10 years from the date of entry of the discharge (adjudication or order of relief) by the bankruptcy court -- not from the date of filing for bankruptcy protection.

 

Source: Title 15 U.S.C. §1681c

 

 

Customer: replied 5 years ago.
Relist: I still need help.
Does this mean that the reporting should clear the three credit bureaus in 12 of 2008?
Expert:  socrateaser replied 5 years ago.

If your BK discharge was in 11/98, then the entry should be deleted in 12/98.

 

 

Customer: replied 5 years ago.
I will accept you answer and increase my payout after one last question. Section 605 of the fair credit reporting act states that the negative entry should not be reported 10 years past the discharge date, in my case, 12/1999. Since the listing first appeared in 08/1999, how many years have potential creditors seen a bankruptcy listing on my credit report? I contend that they have seen it for 10 years since the filing and report date and that they will have seen it 10 years 4 months, since inception, come 12/2008. To contend that there must be a full 10 year penalty phase ending circa 07/2009 is to have allowed creditors to view the negative rating through 11 calendar years; does that not violate 605 of the FCRA?











Expert:  socrateaser replied 5 years ago.

§ 605(b). 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.

The above text means that the bankruptcy discharge date can be no more than 10 years prior to the date of the current credit report. It doesn't prevent the credit reporting agency from posting a bankruptcy filing prior to the discharge order.

So, the only meaningful calculation is subtracting the date of discharge order from the current credit report date. If more than 10 years intervenes, then you have a case. Otherwise, you don't.

Note, that the maximum recovery under the Act is $1,000 -- the minimum is $100. And, that is for "willful" non-compliance. For negligent non-compliance, only actual damages may be recovered -- plus attorney's fees in both of the above cases.

Proving willful non-compliance, i.e., that the failure to remove the entry was "intentional," is not easy to prove. So, you may be stuck with actual damages -- which could be nothing at all. Your attorney won't be bothered in either case -- but you may be.


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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33883
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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