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BK experts: some questions


ElorraM
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I am helping a friend with his credit report and there is BK stuff on it, which I am not familiar with. The BK is a discharged Ch 7 filed in April 1997. My questions:

I found where it says that “Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.” What does it mean, “when they were reported?” Who reports them and what is the process? If the BK was filed in 04/1997 does it stand to reason that the accounts that were included in the BK are 7 years old also, so they should already be off the CR, or not necessarily?

I read somewhere—and can not find it now—a post that says even though the credit reporting time frame for Ch 7s is ten years the CRAs will take it off after 7 years anyways if you ask. Is this true? If so, then how would I dispute it with the CRAs?

I would appreciate some help. Thanks so much!

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Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.”

Where did you get that ??? Its wrong. Accounts that you include in BK will drop off in 7 years from the date of last activity PLUS 180 days just as they normally would. If the account wasn't delinquent when you filed, then the BK filing date would probably be correct as a start of the reporting period.

If your friend filed in 4/97, most of the individual accounts should have come off already or are about to.

a post that says even though the credit reporting time frame for Ch 7s is ten years the CRAs will take it off after 7 years anyways if you ask. Is this true?

Not really. Its not impossible, but the FCRA says they stay 10 years and the CRA's won't take if off that early as a courtesy.

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Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.”

Where did you get that ??? Its wrong. Accounts that you include in BK will drop off in 7 years from the date of last activity PLUS 180 days just as they normally would. If the account wasn't delinquent when you filed, then the BK filing date would probably be correct as a start of the reporting period.

If your friend filed in 4/97, most of the individual accounts should have come off already or are about to.

Lady, here's one board that claims to be quoting Experian's policy on the matter. (First post in the thread) I know you're right after reading the section of FCRA included further down in the same thread, (who reads that stuff, anyway? :p ) but just so you know where peeps are "hearing" stuff. Hopefully you know someone over there who will change this erroneous info.

http://www.creditreportsolution.com/forum/viewtopic.php?t=3209&sid=a7da67158449190dc28a64de50a2dbad

FROM EXPERIAN:

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

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I'm glad there are peeps like you so you can explain it to me. :lol:

That thread on the other board wouldn't be so bad if it was just a thread. But it was posted by the owner or moderator, and stuck to the top. I think when people read a FAQ-like thread like that, they put more stock in it, and it is thus more harmful. I hope they'll update it.

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Ok, I read that post you referred to and I think Experian's 'policy' goes against the FCRA - no big surprise there, they do it all the damn time. The FCRA says - well, you read it, and 'included in bankruptcy' is NOT 'last activity' nor is it the delinqency that leads to charge-off. If EX had their way, you could end up with a 6 year old CO, inlcuded in bankruptcy, RE_AGED and stuck to your reports for an additional 7 years !!!

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