Is it Possible to Remove Bankruptcy From Credit Files?
When a person files for bankruptcy this is then recorded on public records and their credit file, which is held by the credit bureau. A persons credit file contains information relating to their finances and is often used by banks and other lenders to assess a persons credit worthiness. As you would think, having a bankruptcy on your credit file can be very damaging and many people want to know if it is possible to remove bankruptcy from credit files. In actual fact it is possible, but it can take some time.
Dispute the information
To start with if you want to remove bankruptcy from credit files, you will have to dispute the information that is held by the credit bureau. As soon as you have a copy of the credit, you will have to go through all of the information to see if it is all correct.
In some cases credit information relating to a persons address can affect their credit, even if it has nothing to do with them. If you find anything like this you will need to satisfy the credit bureau that it had nothing to do with you. Once you have done this you can then get the item removed from your credit file.
Outcome
If you manage to gather the evidence that is needed to remove bankruptcy from credit files you will be able to clear your name. However, you must be aware that you will have to do a lot of research into your credit and you must be totally honest with the credit bureau. While some people are successful with this and manage to get their bankruptcy removed, not everyone does. So make sure that you have a sound case before progressing or you could find that you have wasted a lot of time and effort.
Automatic removal
Bankruptcies filed under chapter 13 are automatically removed from the credit history after 7 years. If you find that the agencies (Experian, Equifax or Trans-union) have not removed them, just give them a call and it should be done within a few hours. Bankruptcies under chapter 7, 11 and 12 will take up to 10 years to be cleared from the records. Find out the bankruptcy facts here…
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