Bankruptcies appear on your credit report under the “Public records” section of your report.
They stay reported for ten years from the court filing date.
It takes two years after you file for Bankruptcy for lenders to consider giving you credit. Many lenders approve you right away because they know you are free of debt and deserve a second chance, others won’t give you much since they’re afraid you won’t pay them back.
The bad thing about Bankruptcy is that though it appears reported on your credit under the public records section of your report, each individual account which was included in the Bankruptcy is reported individually as well under the “Negative accounts” Section of your report. In other words, if you included 15 debts into the Bankruptcy, the credit bureau reports 15 negative accounts on your credit report plus the Bankruptcy. This makes your credit report look horrible to lenders, because they are able to see each company that you owed money to that you included in your Bankruptcy file.
This is when we come in and we make sure we get the credit reporting agencies to delete all those negative accounts that were already included in Bankruptcy from being reported individually. By eliminating that huge list of accounts from your credit report, not only does you credit report look cleaner but also your credit score increases dramatically and future lenders will not see all those negative accounts on your report. When we are done deleting all those accounts we aim to deleting the Bankruptcy as well, yet we leave that one for last, many times you get lucky and they delete the Bankruptcy with no questions asked. Now we know, many of you think this is impossible, however most of you don’t know that the credit bureau is one department and the court is another and the fact that we can get it deleted from your credit report does not mean we deleted it from the court system. Now my question to you is this: When you apply for a loan, what is it that lenders look at?, your credit report, right?. Enough said. Draw your own conclusions of our knowledge.