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If a collection agency bought your 10-year-old retail card debt and has started putting it on your credit report with a different date, for example, you may be able to remove that collection item ...
Type of debt. Length of time on report (after payoff) Credit card. Up to 7 years. Student loans. Up to 7 years. Foreclosures. Up to 7 years. Money owned to/guaranteed by the government
Key takeaways. Loans, medical debt and credit card debt are generally all able to be discharged through bankruptcy. Tax debt, alimony, spousal or child support and student loans are all typically ...
Since banks, credit companies and other creditors are the ones who must bear the losses for debts discharged through bankruptcy, their lobby power was a great supporting factor to eventually prevailing and getting Congress to pass the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Chapter 13 bankruptcies. 7 years. Unpaid student loans. Indefinitely, or 7 years from the last date paid ... Under certain conditions, however, the collections agency can remove the report from ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...