Aug
31
How Long is the Bankruptcy on My Credit Report?
Credit reporting agencies usually report bankruptcy information for a period of ten (10) years. This does not mean that your credit rating will remain low for much of that time. Credit scoring takes into account the age of derogatory info, and discounts the value of that information as it ages. Moreover, because you eliminate all of your unsecured debt in a bankruptcy, your income to debt ratio improves exponentially.
You should review your credit reports at least every six months to make sure that no innacuracies appear on the reports. For people who have finished a bankruptcy, the most common error involves creditors failing to update their reporting to reflect that the debt was discharged in bankruptcy and has $0 due.
