How Long Does Bankruptcy Stay on Your Credit Report?
Under the federal Fair Credit Reporting Act, a bankruptcy case generally may not appear on a consumer credit report once it is more than 10 years old, measured from the date of entry of the order for relief. Most other negative information is limited to seven years. The time limits do not apply to reports used for certain large credit transactions, large life insurance policies, or higher-paying jobs. An FTC staff reply has said a Chapter 13 bankruptcy is deleted from the credit report seven years after filing.
What the law says
- The Fair Credit Reporting Act bars consumer reporting agencies from reporting cases under title 11 (the Bankruptcy Code) that, from the date of entry of the order for relief, antedate the report by more than 10 years. 15 U.S.C. § 1681c (Fair Credit Reporting Act, via Cornell LII)
- Most other adverse items of information (other than records of convictions of crimes) may not be reported once they antedate the report by more than seven years. 15 U.S.C. § 1681c (Fair Credit Reporting Act, via Cornell LII)
- The time limits do not apply to a report used in connection with a credit transaction involving a principal amount of $150,000 or more, the underwriting of life insurance with a face amount of $150,000 or more, or employment at an annual salary that equals, or may reasonably be expected to equal, $75,000 or more. 15 U.S.C. § 1681c (Fair Credit Reporting Act, via Cornell LII)
- When a credit report includes a bankruptcy case, it must identify the chapter of title 11 under which the case arises, if the source provides that information; if a case was withdrawn before a final judgment, the report must show that it was withdrawn once documentation of the withdrawal is received. 15 U.S.C. § 1681c (Fair Credit Reporting Act, via Cornell LII)
- The CFPB says bankruptcies can stay on your report for up to ten years, while a credit reporting company generally can report most negative information for seven years. CFPB, How long does negative information remain on my credit report?
- The FTC says most negative information will stay on your report for seven years, and bankruptcy information will stay on for 10 years. FTC, Fixing Your Credit FAQs
- The FTC says credit repair companies can't remove negative information that's accurate and current from your credit report. FTC, Fixing Your Credit FAQs
- The CFPB says you can only get your credit report fixed if it contains errors, and you can do that on your own at no cost. CFPB, How long does negative information remain on my credit report?
FAQ
Does the 10 years start when I file or when I get a discharge?
The statute measures the 10 years from the date of entry of the order for relief in the bankruptcy case.
Can an older bankruptcy show up when I apply for a big loan or job?
Yes. The FCRA time limits do not apply to reports for a credit transaction of $150,000 or more, life insurance with a face amount of $150,000 or more, or a job with an annual salary of $75,000 or more.
Can I pay someone to remove a bankruptcy from my report?
The FTC says credit repair companies can't remove negative information that's accurate and current.
Related
- Can You File Bankruptcy on Student Loans?
- Chapter 7 vs. Chapter 13 Bankruptcy
- Do I Need a Lawyer for Bankruptcy?
- How Much Does a Bankruptcy Lawyer Cost?
- How Much Does It Cost to File Bankruptcy?
- How Often Can You File Bankruptcy?
- What Happens When You File for Bankruptcy?
- What Is Chapter 13 Bankruptcy?
- What Is Chapter 7 Bankruptcy?
- Bankruptcy by state
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.