Bankruptcy and Credit Reports
Does the Bankruptcy Court report information regarding bankruptcy cases to credit bureaus?
The Bankruptcy Court does not report information regarding bankruptcy cases to any credit bureau, including Equifax, TransUnion, and Experian, and does not verify the accuracy of information regarding bankruptcy cases held by credit bureaus.
How do credit bureaus access information regarding my bankruptcy case?
The Clerk of the Bankruptcy Court has a statutory obligation to maintain an accurate record of all filings received by the Bankruptcy Court. Once a case is filed with the Bankruptcy Court, it becomes part of the Court's permanent record. With few exceptions, filings in the Bankruptcy Court are public records; any person or organization can view them in the Clerk's Office or through the Public Access to Court Electronic Records (PACER) system. PACER provides electronic public access to federal court records and is the most common way credit bureaus access information regarding bankruptcy cases. More information about PACER can be found at : https://pacer.uscourts.gov.
The Bankruptcy Court does not control the information credit bureaus access through PACER and how that information is used.
How long does a bankruptcy stay on my credit report?
The Fair Credit Reporting Act ("FCRA"") is a federal law that protects consumers by regulating credit bureaus' use of their information. The FCRA sets a limit on the time during which a credit bureau may list a bankruptcy case (whether open, closed, discharged, dismissed, etc.) on an individual's credit report.
Individuals must contact the credit bureau directly to discuss information on a credit report. Questions and concerns about the process can be addressed to the Federal Trade Commission.
How do I get a bankruptcy removed from my credit report?
Accurate information cannot legally be removed from a credit report. However, under the FCRA, both the credit bureau and the information provider (that is, the person, company, or organization that provides information to a credit bureau) are responsible for correcting inaccurate or incomplete information in a credit report. The credit bureau will verify the item in question with the creditor, who must respond within 30 days. After the investigation is complete, the credit bureau will notify the consumer of the outcome. If information in the credit report has been changed or deleted, the consumer will receive a copy of the revised report.