When Do Credit Reports Update
2010
How long before negative reported items on my credit report are removed?
Now I know people say 7-10 years, but when does the clock start? Is it 7-10 years since the adverse inccident or 7-10 years after the last updated reporting onto your credit report?
Lets say you had a credit card that was included in a bankruptcy that was discharged in 1/2005 for example, but then in 1/2006 you disputed it and they confirmed once again that it was discharged in bankruptcy, would it be 7 years from 2005 or 7 years from 2006?
A bankruptcy will remain on your credit report for 10 years – it used to be 7 years. The clock begins on the date your BK was discharged. So…if you filed on 10/1/2006 and it was discharged on 12/1/2006 – the clock for your credit report would begin 12/1/2006 and that item would remain on your report for 10 years. Now, you want to make sure that everything that you included in your BK shows “Included under BK” on your credit report – this eliminates confusion.
Some credit card companies – Orchard Bank, etc. will often give you a credit card immediately following BK because they know that you can not file BK again for the next 7 years.
You are able to apply for an FHA loan on a home after two years out of BK. The effects of the BK begin to losen up after a year and then get better and better from that point. Whatever you do – keep your credit stellar from this point forward – good luck!
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