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He wants to know if this is an error the credit reporting agency needs to fix, as he understood that all derogatory and delinquency related information is required to be purged from the credit report after seven years.
Mike is correct that, generally speaking, most all derogatory and delinquency related information is required to be purged from an individual’s credit report once it hits the seven year mark and the credit reporting agencies have automated processes in place to make that happen.
An exception to the seven year rule relates to certain types of bankruptcies. With a Chapter 7 bankruptcy, certain consumer assets are liquidated to pay off outstanding debts to creditors. Once filed, this type of bankruptcy is typically discharged with no further payments made by the consumer.
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Note, a bankruptcy is deleted based on the filing date.
Chapter 7 bankruptcy is deleted 10 years from the filing date because there is no repayment of any of the debt. Chapter 13 bankruptcy is deleted seven years from the filing date because a portion of the debt is repaid under the discharge plan.
Here is a general summary of how long “negative” information will stay on the credit report:
Remember, the older these negative items are, the less impact they have on the score (assuming no other more recent negative items are posted on the credit report). It is always a good idea to periodically check your credit report to ensure your information is being accurately reported.
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