Consumers that have filed for bankruptcy should monitor their credit reports to ensure the CRAs are accurately reporting the status of the bankruptcy and the accounts discharged through bankruptcy, and to ensure your credit reports do not continue to go out to creditors that should no longer receive your reports.
Bankruptcies can be reported for 10 years from the date of entry of the order for relief or the date of adjudication. Accounts discharged through bankruptcy, though, can only be reported for up to 7.5 years.
Accounts discharged in bankruptcy should no longer report a balance and should not be reported as opened. You should review your credit reports to determine if there is other inaccurate or incomplete information being reported about the accounts you discharged through bankruptcy.
After your discharge, the CRA should no longer provide and the creditor should no longer obtain your credit report, if you have no other business relationship with the discharged creditor. For example, if you discharged your Sears credit card and you have no other open accounts or business relationship with Sears, Sears is not allowed to continue obtaining your credit report post-discharge. And the CRA should not continue to send your credit report to Sears. However, exceptions for promotional inquiries apply.
If your credit report contains inaccurate or incomplete information regarding your bankruptcy you should mail a written dispute to the CRA and enclose all supporting documentation such as the discharge order.
If you have filed for bankruptcy and believe your credit report contains inaccurate information or you believe your credit report is being provided unlawfully to discharged creditors, please contact us for a free consultation.