EQ Is Refusing To Delete My Dismissed Chptr 13 Until 10 yrs From Filing, EX and TU are Using 7 Yrs

[SimplyTheBest]

I filed a Chapter 13 Bankruptcy in 2001 in San Francisco and it was dismissed in 2004. Everything I've read until today said that the dismissed bankruptcy would be removed from my CRs after 7 years from filing. Today is the 7 year mark and I called the 3 CRA to make sure the item is removed and I got a big shock when Equifax said they will not remove until 10 yrs (the said a discharged chapter 13 bankruptcy stays on a their CRs for 7 yrs and a dismissed BK stays for 10). This is the first time I'm hearing this.

This is messing up my plans big time. Is there anything I can do to get this removed from my Equifax report sooner than 10 yrs? Are there any ways of approaching Equifax or the SF BK court that may help?

TU and EX have deleted the public record already, I just need it removed from EQ ASAP.

Thanks,

[guiness56]

Discharged: Once a debtor has satisfied the Chapter 13 payments, the court will order a termination of the proceedings, usually relieving the individual of the obligation. A discharge will remain on the report for seven years.

Dismissed: When a debtor fails to make payments on a Chapter 13 plan, the bankruptcy court will dismiss the debtor. All creditors will then have the same rights to pursue the debtor as before the filing of the Chapter 13. A dismissal will remain on the report for ten years.

[Anonymous]

Simply - why is this messing up your plans?  A 7+ year old BK should not be affecting your score that much.   Yes, it is true.  EQ does not take the Chap 13 off until 10 years.  That is just their policy, apparently.    

What are you applying for?  Unless it is a mtg, you don't necessarily need an EQ score to be too high.  Just pick one of the many lenders that pull EX.

[SimplyTheBest]

I'm going to be relocating to a different state in about 6 weeks and will need to rent an apartment for a few months. Soon after I would like to apply for a mortgage. I think having the bankruptcy on my CR will make both of these things more diffcult. How can I tell which CR a lender uses?

[Anonymous]

To find out what lenders use, just ask them.   For a mtg, it doesn't help to ask because they pull all 3 and then take your middle FICO score.

I would move, rent the apartment and let your BK age.  Maybe you might hold off on the house purchase until after it falls off.   But, if you don't want to do that, given the current housing market, if your scores are high enough, a 8+ year BK is not going to stop you.  Some lenders might say no, but I know you will find one that will do it.  Keep looking.

Remember, when you finally start house shopping, you have at least 14 days where all the inquiries the lenders make when they pull your credit all count as 1 single inquiry, if for a mtg or auto loan.

So, the trick is to be organized, and get all the inquiries done within a 2 week period, get your approval and close on the house.

But, you are over 7 years removed from the bk.  EX and TU have removed the BK, so you should be ok.  Don't sweat it.