Ten-Year Limit for Bankruptcy Records
Oklahoma law is actually quite clear when it comes to the length of time a bankruptcy filing can remain on your credit report. Under the Fair Credit Reporting Act (FCRA), credit reporting agencies are required to remove bankruptcy case information from all consumer credit reports ten years after the entry date of the person’s “order for relief.” Although the FCRA does not distinguish between Chapter 7 and Chapter 13 bankruptcy filings regarding removal of case information, the three largest credit reporting bureaus (TransUnion, Experian and Equifax) have an unofficial policy that involves removing Chapter 13 filing information from a consumer’s credit report after seven years. For Chapter 7 bankruptcy, however, you will likely have to wait the full ten years for it to be removed.
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Another common question among consumers is when the FCRA’s ten-year time limit actually begins. Under the United States Bankruptcy Code, the order for relief date is the date the bankruptcy petition was officially filed, which means the ten years begins here, not on the date the consumer’s debt is discharged. This means that information about your Oklahoma bankruptcy filing must be removed from your credit report no later than ten years after the date you filed for bankruptcy. For example, if you file a Chapter 7 or Chapter 13 bankruptcy in Oklahoma on January 1, 2010, the record of the bankruptcy must be removed from your credit report no later than December 31, 2019. If you have any questions about filing for bankruptcy in Oklahoma or making sure that your bankruptcy is removed from your credit report when it should be, contact our qualified bankruptcy lawyers at Oklahoma Legal Center today.