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Accounts Included in Bankruptcy Status

Dear Experian,

My bankruptcy was removed from my credit report late last year. Is there any way to update closed accounts to remove the wording “included in bankruptcy”? I had a car loan at the time of the bankruptcy that I reaffirmed and paid in full in 2006. Do I have to wait until 2016 when the account will be removed from my credit report? It feels like I’m being punished a lot longer than the 10 years for a bankruptcy.

– WCK

Dear WCK,

You didn’t mention when your bankruptcy was filed, but you indicated it was at least 10 years ago. If that’s the case, neither the bankruptcy nor accounts included in the bankruptcy should still remain in your report.

A Chapter 7 bankruptcy, public record remains 10 years from the filing date. The accounts included in the bankruptcy remain seven years from the bankruptcy filing date, provided they weren’t delinquent prior to the bankruptcy, in which case they would be deleted earlier.

Accounts that were delinquent prior to declaring bankruptcy will be deleted seven years from the original delinquency date of the account. In most instances, that means the account will be deleted before the bankruptcy public record.

If you reaffirmed your car loan, it should no longer show included in bankruptcy. If the loan has no late payment history, it will remain on your report for 10 years from the date it was paid in full. Positive accounts remain on file longer because they are beneficial to your credit history.

If you haven’t already, make sure you obtain a copy of your credit report directly from Experian. You can request a free copy of your credit report once a year by going to www.annualcreditreport.com. If you have had adverse action taken based on an Experian report, you can request a free report at Experian’s Report Access.

Look your report over carefully. If you believe there is inaccurate information about your bankruptcy, follow the instructions provided with the report to contact Experian. Your report will include an Internet site, toll-free telephone number and mailing address.

You can also send a copy of your bankruptcy filing and discharge papers, along with the schedule of debtors and the reaffirmation of debts, usually the “Schedule A.” Doing so will help Experian update the information in your credit history.

Thanks for asking.
– The “Ask Experian” team

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