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Bankruptcy

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Icon Mini Profile hanth23





Joined: 22 Jul 2007

Posts: 23

11.08 Dollars($)
Post Posted: Sat Jul 28, 2007 5:25 am    Post subject: Bankruptcy
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Please advise regarding, how the lender reports to the credit bureaus, when you bankruptcy (chapter 7 or 13) is filed and after the bankruptcy is discharged. How, is it different from the normal credit reporting.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10250
Location: ALASKA
1043.57 Dollars($)
Post Posted: Sun Jul 29, 2007 11:22 pm    Post subject:
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When you file bankruptcy, the court clerk sends a notice to your lender notifying them. Now it's lender duty to report credit bureaus notifying about the bankruptcy filed by you.
Icon Mini Profile larry





Joined: 27 Jun 2007

Posts: 3322

474.67 Dollars($)
Post Posted: Mon Jul 30, 2007 5:07 am    Post subject:
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Hi Hanth,

When your bankruptcy is reported to a credit bureau, it may remain on your credit report up to 10 years after the filing of the case. Lenders views bankruptcy as an extremely negative item on your credit report and thus have a negative effect on your credit score.
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