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How does a person remove something that is outdated from their credit report?

If a person finds something that is outdated on their credit report that needs to be removed, they need to contact the credit bureau that has the report. There are books available that give a person step by step instructions on not only removing outdated material from their credit report but also ways to improve it.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

  • Some background info. Phil and Alice married file joint

    Some background info.
    Phil and Alice married file joint tax returns. ( Michigan residents)
    Phil files bankruptcy in 2009.
    2004,2005 taxes and (1) credit card is discharged. ($24,000, $6,500 and $21,000)
    All go to Alice's account as they were joint.
    In 2008 the IRS files a tax lien for the 2005 taxes on Alice's credit report and the card company gets a 'judgement'. (Does not say lien though)
    Phil buys a house titled in his name only in 2012.
    Alice is filing bankruptcy now. She earns $25,000 , has no assets.
    Questions:
    1. In the bankruptcy schedules, the 2005 tax debt that is noted a lien, is filed as a secured or unsecured priority claim? I assume it will live on after all is done.
    2. The credit card judgement debt is filed as what? And does it get discharged? Can they levy my house?
  • I have more monthly debt, then income every month. I need

    I have more monthly debt, then income every month. I need advice on how to proceed in paying off my credit cards and unsecured loans. My credit is good, except I have too much debt to the ratio of my income. Is there anyway I can do this without totally ruining my credit? I have worked hard to obtain good credit; however, living expenses have increased greatly and my salary has not. I am not behind in my payments, but soon will be.
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  • I recently had a Chapter 13 discharge.During the five year

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