Going through a bankruptcy can do significant damage to your credit score, and any time you can get a bankruptcy off your credit report early will help your score. Federal law dictates how long a bankruptcy, and other negative factors, must remain on your credit score, and you can only get it removed if it is there in error.
Mandatory Period
If you go through a bankruptcy, your credit report will reflect this for up to 10 years from the date upon which the bankruptcy case is filed, according to the Federal Trade Commission.
Credit Reports
Whenever you take part in a consumer credit transaction, such as by paying your bills, applying for a loan or going through bankruptcy, a history of your actions gets included on one of your three consumer credit reports. These reports are maintained by three main companies: TransUnion, Equifax and Experian. It is up to these companies to collect information from various sources and include the relevant data on your credit report. As a consumer, you have the right to look at your credit reports once a year, free of charge.
Errors in Your Report
While bankruptcy information, even when a bankruptcy is filed but later dismissed, has to remain on your credit report for 10 years, errors on your report can be removed. For example, if you filed for bankruptcy protection but voluntarily withdrew the case before the court issues a discharge of your debts, and your credit report fails to show the dismissal, you can demand that this information be changed to accurately reflect the status of the case. Any time you find erroneous information, you have the right to have it changed by contacting the credit reporting company on whose report the information appears.
Non-Erroneous Reports
If your credit report has errors or mistakes, you cannot legally have the record of your bankruptcy removed. You cannot, for example, make false statements or misrepresent the facts about your bankruptcy in an effort to get your bankruptcy removed from the report.
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