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  • Brian D. Shapiro

Credit Reports and Bankruptcy

Updated: May 17


Good credit or bad credit, your credit report will reflect it all. Generally, the information on your credit report will remain for at least 7 years.


So as to the good: an account in good standing that is open, will remain on your credit report indefinitely. Conversely, a closed account that was paid off will stay on your credit report for 10 years.


As to the bad items, they will remain on your credit report for 7-10 years. For instance, a missed a payment, a late payment, a collection agency account, a charge off; and a Chapter 13 bankruptcy will remain on your report for 7 years. You can also expect a Chapter 7 bankruptcy to stay on your credit report for 10 years.


Filing bankruptcy will typically result in an immediate reduction in your credit score but your score will likely increase within a year. Rest assured that you will soon receive multiple offers to extend you credit. Whether you should accept such offers is dependent upon the offer and your financial situation. There are also secured creditor cards which permit you to deposit funds with the creditor and when you charge the account, there are funds to pay the debt. This could assist you in increasing your credit score.


Credit and credit scores are a necessary evil in today's economy. If you are careful and pay your debt on time (hopefully the full amount) then you should be able to not only increase your credit score but have the possibility of obtaining credit if the need arises.



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