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Credit Report

Everyone has seen the commercials for free credit reports on television. Even though everyone has seen them, does everyone know what they are advertising? What exactly is a credit report? What function does it serve? What will a person see on a credit report? Below are credit report questions answered by the Experts.

What is a credit report?

A credit report is a report that reflects positively or negatively a person’s history of borrowing and repaying that which was borrowed. This report includes information about payments that are late and bankruptcy. It is used by creditors to determine if a person is eligible for credit from them. For example as person wants to buy a car and goes to the bank to take out a loan, they fill out a credit application. From this credit application the creditor sends this information to a credit bureau, which in turn matches up the name, address, social security number, etc of the applicant with the information that the bureau has kept in its files. Lenders are looking for willingness to repay a debt, and like to see that payments are made on time.

How long does a bankruptcy stay on a person’s credit report?

If a person has filed bankruptcy, the bankruptcy can appear on the person’s credit report for up to 10 years. This also includes anything that pertains to the bankruptcy. This is in accordance with federal law under the Fair Debt Reporting Act.

How can a person clear their credit report?

There is no fast and easy way to clean up a credit report. A chapter 7 bankruptcy can clean up prior debts, but for 10 years the bankruptcy filing will remain on the credit reports. The only true way to clean up a credit report is to satisfy one’s previous debts. All a person can do is work on improving their score and making sure to remove those creditors that have been satisfied and false ones. There are companies that can help an individual improve their credit score by advising a person on ways to improve their score and can assist in having error removed.

How does a person remove something that is outdated from their credit report?

If a person finds something that is outdated on their credit report that needs to be removed, they need to contact the credit bureau that has the report. There are books available that give a person step by step instructions on not only removing outdated material from their credit report but also ways to improve it. Sending a letter to the credit bureau with the information that is outdated is one way.

Why after filing chapter 7 bankruptcy do negative entries show up on a credit report, even after being discharged?

The reason that negative entries remain on a credit report, even after being discharged in chapter 7 bankruptcy, is the entries are a true report of historical fact. Things such as late payments that happened prior to the bankruptcy being filed are still true, and according to the federal Fair Credit Reporting Act they are allowed to remain on a credit report.

Credit is an important thing in this day in age, which makes knowing what is on a person’s credit report and how to have things removed when outdated is extremely important. Little things can be the difference between receiving a loan to buy a car or not being able to buy a car. Knowledge of credit reports is definitely a step in the positive direction.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3317
Experience:  Bankruptcy Lawyer. Experienced.
9968427
Type Your Bankruptcy Law Question Here...
characters left:
3 Bankruptcy Lawyers are Online Now

How JustAnswer Works:

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Bankruptcy Lawyers are online & ready to help you now

FiveStarLaw
Attorney
Satisfied Customers: 3203
Bankruptcy Lawyer. Experienced.
Terry L.
Attorney
Satisfied Customers: 2204
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Phillips Esq.
Attorney-at-Law
Satisfied Customers: 950
B.A.; M.B.A.; J.D.

Recent Credit Report Questions

  • I am currently in a personal Chapter 11 BK......it was six

    I am currently in a personal Chapter 11 BK......it was six years old as of two days ago....there was an initial payment plan filed in 2010 but that plan was not approved. Essentially, there are two big problems. 1) about $500k in IRS debt (90% of that
    is penalties and interest for failure to file for several years....those returns were finally filed probably 5 years ago at least....2) there is a criminal restitution lien that I am having a hell of a time getting rid of....that stems from something that
    took place way back in 1989. Anyhow, the court just sent out a request to either dismiss the 11 or convert to a 7. I have no assets. All of the real estate property I owned when the 11 was filed has been sold. 3 of the 4 properties sold were short sales and
    the other was not a short sale but since there was no equity in any of the properties to speak of the only people that were paid were the attorneys, the IRS, the State of Arizona and the Attorney General. So here is my question, I prefer not to convert to
    a 7. I would rather just have the 11 dismissed and then negotiate some type of settlement with the remaining creditors (all credit card companines and one law firm) and the restitution lien. What do you think? Also, if I do convert the 11 to the 7, does that
    then become a whole new BK filing where I have to fill out paperwork all over again? And then I have to wait for 90 days before the 7 is dismissed. I am pretty sure that some of the taxes cannot be dismissed even in a 7 but since I have no assets, I figure
    I can do either an offer in compromise with the IRS or prove I am insolvent. I am located in the State of Arizona if that helps. Please advise.
  • Hello, I've had 3 student loans totaling more than 11,000 in

    Hello, I've had 3 student loans totaling more than 11,000 in which unfortunately I defaulted on. They have been garnishing my wages and intercepted my income tax last year. I currently owe 4,000 only. I've applied online to have the left over balances on the loans consolidated, therefore I can get a better monthly payment based off of my income. I would like to know if my request is accepted and my loans are consolidated removing me from default status; will the collection entity that's receiving the garnished payments be notified of my new loan status and stop the garnishment, notifying my employer of the same? I would definitely prefer to pay the Income based amount set with the new loan and have this status removed from my credit report versus continuing to allow the garnishment and it's causes a financial hardship in addition to not doing anything for my credit. Finally I'm at the point where as I'm ready to file for a chapter 7 bankruptcy at the initial start of the year. I'm wondering if I'm temporarily protected by the filing until my bankruptcy is discharged will they still intercept my tax return. I know the loans isn't dis-chargable under the filing, but it does however provide temporary coverage. I'm out of ideas, have a manageable balance on my loans, would like to figure a way to stop the offset of my taxes this year. Please help, if possible. Any advice would be greatly appreciated.
  • I filed last year and was granted Bankruptcy this year on a

    I filed last year and was granted Bankruptcy this year on a condo in Everett WA. The HOA was not on the Credit Report; therefore; not included in the Bankruptcy. Now I'm in debt $12k. Please advise. thank you.
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