cancel
Showing results for 
Search instead for 
Did you mean: 

BK drop off time

tag
Anonymous
Not applicable

BK drop off time

I have signed up for Experians free credit score from them. Well today my report said that my BK will be soon removed.
I had filed for BK June 7 2009. I am wondering what they mean by being removed soon? It was ch 7. I thought it would be 10 years to be removed
Does anyone know what is meant by them saying soon and could it be less than 10 Years?
Message 1 of 8
7 REPLIES 7
RobertEG
Legendary Contributor

Re: BK drop off time

All of the credit report exclusion periods set forth under FCRA 605(a) and 605(c) are expressed in terms of the latest date after which the CRA must discontinue inclusion of the adverse item in subsequent credit reports they issue.

The statute does not preclude the CRA from excluding a bit early.

 

Since congress has set the maximum periods, the CRAs dont like to vary too much from those exclusion periods, and generally grant earlier exclusions for only 3-6 months.  It is discretionary on thier part, but very large early exclusions are not standard.

Message 2 of 8
SouthJamaica
Mega Contributor

Re: BK drop off time


wrote:
I have signed up for Experians free credit score from them. Well today my report said that my BK will be soon removed.
I had filed for BK June 7 2009. I am wondering what they mean by being removed soon? It was ch 7. I thought it would be 10 years to be removed
Does anyone know what is meant by them saying soon and could it be less than 10 Years?

It has to be removed at 10 years at the latest, but is often removed during the 10th  year, especially if it is requested.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 3 of 8
Anonymous
Not applicable

Re: BK drop off time

"It has to be removed at 10 years at the latest, but is often removed during the 10th  year, especially if it is requested."

 

10th year from the file date or the discharge date?  It took over 6 months for the process bank in 2009.  My file date was 9/2009 but my discharge date is 3/2010.  Can I request bankruptcy removal on 9/2018?

Message 4 of 8
Anonymous
Not applicable

Re: BK drop off time


wrote:

"It has to be removed at 10 years at the latest, but is often removed during the 10th  year, especially if it is requested."

 

10th year from the file date or the discharge date?  It took over 6 months for the process bank in 2009.  My file date was 9/2009 but my discharge date is 3/2010.  Can I request bankruptcy removal on 9/2018?


It's 10 years from filed date which would be 9/2019.

Message 5 of 8
hpertrain
Regular Contributor

Re: BK drop off time

Hi Robert-  Could you break it down what you just said in plainer English? Smiley Happy

 

   I filed in 2010 and my BK was never dismissed.   I have checked all 3 bureaus and there is no

trace of BK showing up in my reports.  

Message 6 of 8
RobertEG
Legendary Contributor

Re: BK drop off time

The CRAs have interpreted the exclusion of Chapter 7 and 13 bankruptcies as being different, notwithstanding the fact that the governing exclusion period of 10 years max provided under FCRA 605(a) applies broadly to all title 11 bankruptcies.

 

FCRA 605(a)(1) permits credit reporting agencies to keep any BK under any section of title 11, USC, on an individual’s credit report for up to ten years.  The FCRA does not mandate that CRAs must list the bankruptcy for ten years, it only requires that bankruptcy information must be removed from the individual’s credit report at that time.

 

The CRAs have established separate exclusion dates for Chapter 7 and 13 BKs. In general, Chapter 7 cases are reported for ten years and Chapter 13 cases are reported for 7 years. However, the FCRA does not distinguish between Chapter 7 and Chapter 13 cases and a bankruptcy case under either chapter may be reported for up to ten years.

 

Chapter 13 involves reorganization of debt as opposed to complete discharge, and as such the underlying accounts can continue to have updating negative information reporting.   The underlying accounts are generally subject to exclusion of any adverse items no later than 7 years from their dates of occurrence under FCRA 605(a)(5), The CRAs have thus chosen, based on the exclusion of the accounts at 7 years, to also remove the Chapter 13 public record reporting at 7 years.  Thus, the CRAs routinely continue to include the public record reporting of a Chapter 7 BK for the full 10 years permitted under the FCRA, but choose to exclude the Chapter 13 reorganization of debt BK reporting after 7 years.

Message 7 of 8
Anonymous
Not applicable

Re: BK drop off time

So when they say soon I am guessing they mean I have a other year to go? I was hoping soon meant in a couple months.
Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.