The credit reporting bureaus list a bankruptcy on your credit file for 10 years, so it might be tempting to try to remove it before then. It is possible to remove a bankruptcy from your credit file, but only if the agencies list it in error. Some credit repair companies claim they can remove a bankruptcy, but they sometimes use illegal methods.
Identification
Once the bankruptcy has been on your credit report for 10 years, the credit bureaus automatically delete it from your file. If it is still listed after that period, you should file a dispute. It also is possible for another party's bankruptcy to be listed on your credit record by mistake. Again, you should file a dispute with the agency, obligating the agency to verify the bankruptcy data. You may have to pursue legal action if the agency continues to report a bankruptcy that does not belong to you.
Illegal Tactics
A credit repair clinic can help you with the dispute process to remove the bankruptcy, but be wary of companies that use illegal tactics. According to the Nolo website, common illegal methods include using the Social Security number of a dead person to apply for credit or breaking into the credit agency warehouse and switching files.
Considerations
Even if you remove a bankruptcy from your record, it might not improve your credit score much. If you filed for bankruptcy, you probably already had poor credit and numerous negative items on your report. Going through bankruptcy sometimes makes you more attractive to lenders, because it may discharge your debts or force a restructuring of debt payments to fit your income. If you manage your current debts properly, your credit rating could begin to improve within two years of your bankruptcy.
Tip
A consumer can add a 100-word explanation to any account on his credit report. You can use this space to explain why you had to declare bankruptcy, which a lender may take into consideration when assessing a loan application. For example, if you had a sudden medical disaster that forced you into bankruptcy, that information could affect a lender's determination of your creditworthiness.
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