How long does negative information like a bankruptcy or charged-off credit cards remain on my credit profile?
There is no better place to educate oneself about the ins-outs of credit reporting than visiting the source itself — the big credit reporting bureaus. Click here to visit Experian’s consumer knowledge center to find out how long different types of information are maintained on a consumer credit report. As noted from Experian, a bankruptcy stays on a credit report for 10 years for a Chapter 7; 7 years for a Chapter 13. While a bankruptcy will be reflected on your credit report, so too, will prior credit account charge-offs. Bankruptcy has the effect of discharging your personal liability for most debts. It does not “erase” the fact that such debt existed from your credit report. For that purpose, time is the great healer. However, because a bankruptcy has the effect of getting rid of old debt, judgments and garnishments, a person is generally a better credit risk after filing a bankruptcy. There money is free to use as they see fit after a bankruptcy (and on NEW debt). Because of this,
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