How long is a bankruptcy listed on a credit report?
There is some confusion about this because some financial reporters have said 10 years and some have said 7 years. Part of the answer comes from the Fair Credit Reporting Act, the federal law that sets out the rules that govern credit bureaus. It says that bankruptcies are reported on a person’s credit report for 10 years from the date the bankruptcy is filed. However, if the credit bureau is a member of the Associated Credit Bureaus there will be a different result. Members of this organization which includes thebig three credit bureaus (Experian, Equifax and TransUnion) have decided they would report completed Chapter 13 reorganizations and Ch. 11 reorganizations for 7 years. This is to encourage people to file for reorganization of debt which means creditors will get some money rather than Chapter 7 liquidation which usually has the result of creditors getting no money.
