I applied for a mortgage about a week ago. When my wife and I met with the mortgage broker she commented to me that the BK 7 filing listed on my credit profile was wrecking havoc on my credit score. Per the three bureau report, my Equifax Beacon Score was 608. Today I decided to go to Equifax's web page and pull up my score again. To my surprise it was 625. I have been working on my credit since last summer. I have approximately 2 charge offs one late pay trade line and the BK 7 on Equifax and TU. Experian does not reflect the BK 7 (got it deleted about a year ago), just the 2 charge offs and a late pay. On today's report, the codes listed were 38, 8, 10 & 13. In the explanation section of the report it states "Serious delinquency, and public record filed." and states that this is the single most factor affecting my score. Please note that the 2 charge offs are listed as "consumer disputes - reinvestigation in progress." Anyway, I have heard different opinions on just how long a BK has to remain on your credit report. I have heard that it must remain for a solid 10 years from the date of filing. I read on another board that it can be deleted 9 months short of the 10 year anniversary date and I have also heard it can be deleted 3 months short of the anniversary date. Can anyone confirm this? Thanks... Manny
On my Experian the experiation of my bk-13 is 7 years after I file. So I assume that a bk-7 is 10 years after the file date. Now here's the big rub, if you borrow or seek a job over a certain amount your entire history is revealed. I don't remember the exact amount but some of the others here on the board can give you that info. I was told that mortgage companies will consider a loan more favorable if you are 2 years past your dischaged date. Best regards, Sam
I seem to remember if you are trying to borrow 150k or more or a job that pays 75 or 80k everthing shows including things that have dropped off your regular report because of time considerations. VJ
That is correct. If you are borrowing over 150k, taking out insurance over 150k or applying for a job that pays over 75k there is no time limit. They can see it all. What I am trying to find out is will I have to wait until 04/2002 for my BK 7 to fall off or can I get it off sooner than that. Again, I've read on other boards that as a courtesy or early parole (LOL) the CRA's will take a BK 7 off prior to the 10 years. I just wish I knew if it were true. Manny
has anyone ever seen this very complete history? I tried to get a copy of this and I was told there's no difference from my regular credit report. I highly doubt that, though.
I don't know if this is relevant but.... I recently came across a website where you could look up people that have filed b/k by name. It would give you their name, city & date filed (if you wanted more info you had to pay). It went back to 1981!!!. I played around on it for awhile (and was shocked at all the people I know that have filed) and was suprised at how many were 15-20 years old. I would guess that there are other databases besides our credit report where this info is kept.
Experian and Equifax delete negatives 3 months early. TU only gives you a 1 month reprieve. Of course, that doesn't mean you can't dispute the bk off your reports. Kelly
Thank you Kelly. That means I can't request my BK be removed legally until 01/2002. I had read somewhere that it was nine. As for TU, that doesn't surprise me one bit! Have a good day. Manny
I just applied for $160k mortgage but the 3 CRA report I received didn't show anything really old except for my BK 7. Manny
Kelly, will Eq. automatically delete the info three months early or do you have to dispute it as being too old?
