Remove bankruptcy from credit report - is that possible to remove a bankruptcy
With the huge jump in bankruptcy filings our Inbox swells with questions from readers on how to remove a bankruptcy from credit reports before its normal expiration time. As you undoubtedly aware, Chapter 7 Bankruptcy stays for 10 unhappy years from the date of filing or the date of bankruptcy decree, whereas a little more benevolent Chapter 13 Bankruptcy holds only for 7 years from the date PAID IN FULL and 10 years if not PAID AS AGREED.
Some credit repair providers and related websites, however, promote the idea that you can remove bankruptcy from reports by first removing every record which was part of bankruptcy discharge, so no trace of declaring either Chapter 7 or 13 is left. Notice that Bad Credit Advisor doesn't advocate this idea, as not only being dishonest, it is very rarely works, and if does, only for a short period of time like 4 to 6 weeks, as your bankruptcy gets verified and validated eventually. Anyway, all the records with notations like INCLUDED IN BANKRUPTCY or BANKRUPTCY DISCHARGE should be disputed and removed. If you moved after discharge, you need to convince credit agencies that old addresses have nothing to do with you. Once addresses are gone, debts and discharges often tied to addresses, should drop as well from your credit report.
Then, you have to dispute and remove every remaining record related to a bankruptcy. The prevailing idea that this should not be hard, since creditors have very little incentive to verify the information simply because they can’t make any money of it any longer, is often wrong, but does work on occasion. This can take anywhere from several weeks to few months, and you if are lucky, all the records will be gone from credit reports.
The very important suggestion, not always correct, is that after 2 years that you filed for bankruptcy, your file is moved from the local courthouse where you filed, to some storage facility that can be on opposite side of the country. Files like these are often lost while transported and then you hear all those horror stories about potential identity theft for hundred thousands if not millions of consumers. But back for bankruptcy removal. The bottom line is, if you go to your local courthouse and request to see your bankruptcy file, it has to be ordered and brought back in. It may take a week or two for files to arrive and you will be notified. Once you order it, wait 3-5 days and only then send dispute letters to all 3 credit agencies. The agencies now will call the storage facility where your bankruptcy file should be, and discover it isn't there, as it is either in transition back to your local court, or already sitting and waiting for you.
Now is the main part - the stall tactics. You must delay viewing you bankruptcy file as long as possible under any pretences, be it illness, business trips, weddings, funerals .. what have you. The idea behind is that credit agencies have 30 days to verify any disputed debts so you try keeping file away from them for as much as you can.
So this is the "brilliant idea" on how to remove bankruptcy from your credit reports ... alas not everyone that stupid. First credit agencies will definitely verify your bankruptcy information by extending the mandatory 30 day review window by simply stating the fact that your file can not be verified and until it is, the information deemed to be correct. And once your file is back to the storage facility, bingo, here goes you bankruptcy removal. Second, many local courthouses store pertinent information indefinitely and don't use third party storage facilities. Third, in majority of cases with large loans involved, lenders now order full factual credit report, which goes much deeper than regular credit report, and shows every little thing and detail about you, including phone numbers for each residence you have had for the last 20 years, years you lived at a given address, etc.
So while you can try to remove a bankruptcy from your credit report using this rather shady technique, the chance it works is rather slim. Even if you succeed in removal, it will very likely reappear in a few months.
Wed Sep 3, 2008 12:09AM | Copyright: www.bad-credit-advisor.com | More in Credit Report Dispute | Comments (0)
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