A credit report is a written record of your spending habits and the timely fashion of paying your bills. Bad credit drops off your credit report after 7 years unless you have filed for a chapter 7 bankruptcy, which will stay on for 10 years. Your credit report is your financial reputation, and you cannot have anything taken off your report unless the item is inaccurate and can show proof.

Bankruptcy is listed in the top five life-altering negative events that one can go through, along with divorce, severe illness, disability and loss of a love one. Chapter 13 bankruptcy, is more like a payment plan, it stays on your credit report for 7 years. If you file for bankruptcy of any kind, you must report it when applying for a job or a loan. If you lie about it because it was a long time ago, that is a criminal fraud.

Labels: Bankruptcy, credit score