When a BK is discharged, from a credit reporting point of view, it has two initial impacts.
First, the legal discharge of the debt on those accounts included in the BK requires that the debt balance on those accounts be updated to $0 in your credit file/CR.
However, discharge of the BK does not "discharge" or delete any negative reportings made under the account prior to the BK, so they remain.
Second, the BK itself can be reported to your CR. FCRA 605(a)(1) sets the period for how long the reporting of the BK can continue to be included in your CR.
I am not sure how one gets the reporting of a legitimate BK deleted, but if that were to happen, the underlying derogs reported on each account that led up to the BK would remain. The presence of numerous major derogs in your CR, of which the actual BK reporting was only one, normally results in small gains in credit score. So if your CR is still ladened with major derogs, I would not anticipate much gain. And i also dont see that deletion of the BK reporting would erase all trace of the BK from your CR, since when updating the debt balance on each account to $0, the reason code would indicate that the debt was discharged under BK.
In my opinion, it would be a very difficult task to purge your credit file of all indications of the BK under each and every discharged account.
