How Long for Accounts to Remove after Discharge

[dawr85]

I filed chapter 7 for the first time in my life, was discharged about a month ago. My score went up quite a bit which I’m very happy about because it is better than what it was when I filed. The majority of the accounts have fallen off and are no where on my report but there are several that remain and just have a remark stating “Chapter 7 Bankruptcy”. I am very new to all of this so I’m just wondering if these accounts will be removed from my credit report or will they stay on there along with those remarks? I have credit karma and the experian app so just wondering If I should submit a dispute to have it removed or should I wait to see if they remove it?

[justbroke]

You can try to dispute, but they are being accurately reported. They should fall of 7 years from the time of the major derogatory event, which is typically the day you filed bankruptcy.

But be VERY VERY careful. If they actually delete one of them, and it's keeping your Average Age of Accounts (AAoA) high, you could actually see your score DROP. True story!

My suggestion... don't poke the bear. If you're over 640, then don't think about it.

Congratulations on your discharge.

[dawr85]

Oh I didn’t know that. I thought the accounts had to be removed, I didn’t know they could stay on there even with the derogatory remarks.

[spr250]

If they are correct, they stay on. A couple of mine were erased. Even with a BK note, the only thing I can think of is that their possible reasoning is that by removing anything positive (all mine were paid on time until I decided to file), lowering your accounts, and Account age will do more damage in the long run. I have an account this in negative on my reports and they said they dont like ruining peoples scores but will as long as you owe them. Pay it off and they will stop reporting and it will be erased. So, I can see them doing it as a calculated risk. Do as much long term credit damage for payback for BKing on them. Well thats my theory anyways besides them simply not caring at the point.

[vet2019]

Oh I didn’t know that. I thought the accounts had to be removed, I didn’t know they could stay on there even with the derogatory remarks.

Nope they can stay. Just have to be zeroed out and comment IIB...included in bankruptcy or I think some of mine say Chapter 7 but something to that effect.