early removal of 7 and 13 from the three credit bureaus

[crabbman]

is it true you can ask, dispute chapter 7 and 13 from all credit bureaus?
What are the reasons one uses to dispute these?

[justbroke]

Technically you can dispute anything on your credit report. Whether or not it will be removed is another story. There are tricks to getting a bankruptcy removed, but smart (sophisticated lenders) will still know. That's because the bankruptcy will also appear on Chexsystems, as well as SageStream, LexisNexis, Innovis, Equifax Risk Solutions, as well as some other lesser known bureaus. All of the major creditors look to these alternate sources for foreclosures, bankruptcies, and other similar credit events.

The only dispute for a bankruptcy, really, is that it's not yours. While the 3 major credit bureaus likely do a cursory check for a dispute, it could be more difficult to remove such from the alternate bureaus, such as SageStream.

While I have read that "some" people are successful getting it off the major bureaus, you really can't hide it. The secondary sources -- like SageStream -- are utilized as well as regional bureaus that you and I may not even know exist. This will keep you from getting credit cards from the majors or a mortgage, so long as your bankruptcy hasn't aged enough.

[crabbman]

Thank you just broke. i am in the process now of doing this now. i have done security freezes at lexisnexis,sagestream,credco,innovis,clarity services,microbilt,factor trust, and A.R.S. I have a letter from Bankruptcy Court saying they have no communication with any credit bureau at all. so when i dispute with credit bureau the responce from them was that hey verified the information i disputed which in turns to a lie since they cannot have a talk with the Bankruptcy Court about info on my Bankruptcy case number. will let you know in a month when i send another letter to the Big Three bureaus telling them they have to remove what i tell them for they have so aggregiously lied to me. Can't wait for my world to change for the better. i am two years removed from my case numbers
Good day

[crabbman]

Also security freezes at the Big Three as well.

[crabbman]

What is Chexsystems?

[justbroke]

Technically, a credit bureau verifies from the Bankruptcy Noticing Center (BNC) which handles notifications that are made part of the public record. I don't know of any credit bureau that directly speaks with any (specific) bankruptcy court or jurisdiction.

Just blocking the bureaus just keeps creditors from knowing when there's a request, so if you really need a creditor to find out, you'll have to unlock or provide a PIN.

What are you trying to do? Are you trying to get a mortgage? Are you trying to get credit (cards) from a bank?

[justbroke]

What is Chexsystems?

They report for banks where you have held a demand deposit account (DDA) such as a checking or savings account. They are another source of information.

[shipo]

A public record is not disputable, and Bankruptcies of all types are just that, public records. The only time disputing a Chapter 7 or Chapter 13 reference on one's credit reports will bear any fruit is during each individual CRA's "Early Exclusion" window (often reported as 6-months for TU, 3-months for EX, and maybe five minutes for EQ); disputing before the EE period will typically yield no benefit, and can often flag an individual as a "serial disputer" which will inhibit your ability in the future when you need to file a genuine dispute.

[crabbman]

Technically, a credit bureau verifies from the Bankruptcy Noticing Center (BNC) which handles notifications. I don't know of any credit bureau that directly speaks with any (specific) bankruptcy court or jurisdiction.

Just blocking the bureaus just keeps creditors from knowing when there's a request, so if you really need a creditor to find out, you'll have to unlock or provide a PIN.

What are you trying to do? Are you trying to get a mortgage? Are you trying to get credit (cards) from a bank?

Thank you just broke. yes i really need a re-finance on my home mortgage. i have a chapter seven so the rules are i need to wait four years from dismissal. my date is Sept. 4, 2023
also trying to increase my credit file as i only have five debts
i do understand the freezing. i am in financial jail untill Sept. 4, 2023
appreciate the help!

[crabbman]

A public record is not disputable, and Bankruptcies of all types are just that, public records. The only time disputing a Chapter 7 or Chapter 13 reference on one's credit reports will bear any fruit is during each individual CRA's "Early Exclusion" window (often reported as 6-months for TU, 3-months for EX, and maybe five minutes for EQ); disputing before the EE period will typically yield no benefit, and can often flag an individual as a "serial disputer" which will inhibit your ability in the future when you need to file a genuine dispute.

Thank you Shipo. i do not understand the CRA early exclusion, the TU, 3-month for EX, and five minutes for EQ, and the EE period.
i do understand serial disputer.
wow sure is crazy to dispute and have time spent with credit bureaus. Scary stuff. i am david they are GOLIATH

[justbroke]

Thank you just broke. yes i really need a re-finance on my home mortgage.

I don't believe that your strategy is going to work for you. Mortgage companies issuing mortgages from the GSEs (Government-Sponsored Entities) -- Fannie Mae, Freddie Mac -- or even portfolio lenders are going to want a tri-merge report issued by Factual Data, CREDCO, or one of the other mortgage tri-merge aggregators. They are also going to pull SageStream or LexisNexis... and/or something else.

Additionally, it could be mortgage fraud to not be forthcoming, on your Universal Residential Loan (Mortgage) Application form. On that form 1003, you must disclose a prior bankruptcy in the last 7 years, or a foreclosure in the last 7 years. There are also other mandatory disclosures. I sympathize with you because even though you may be able to get it off your credit report, you must still disclose it. As soon as the desktop underwriting system (DU, GUS, Loan Prospector, etc.) sees that box checked for a bankruptcy, the loan will go into a manual review, or go from approve/eligible to approve/caution (or some other finding that is specific to the loan program).

i have a chapter seven so the rules are i need to wait four years from dismissal. my date is Sept. 4, 2023 also trying to increase my credit file as i only have five debts
i do understand the freezing. i am in financial jail untill Sept. 4, 2023 appreciate the help!

Those are the rules unless you have extenuating circumstances or could look to a non-QM (non-qualified mortgage) or portfolio lender who do Day 1 "event" mortgages and refinances.

Personally, I would probably not go down the rabbit hole of trying to get the bankruptcy removed as there are many sources for that public data. Especially if you live in the same home where you lived when you filed bankruptcy. Let me tell you... these underwriters are impressive with their detective skills.

You may need to look to those non-QM mortgages and/or portfolio lenders. They typically have higher rates and higher LTV (loan-to-value) offerings. Most of those types of lenders also restrict any cash-out, so if you're looking for cash, that could be problematic as well.

[crabbman]

I don't believe that your strategy is going to work for you. Mortgage companies issuing mortgages from the GSEs (Government-Sponsored Entities) -- Fannie Mae, Freddie Mac -- or even portfolio lenders are going to want a tri-merge report issued by Factual Data, CREDCO, or one of the other mortgage tri-merge aggregators. They are also going to pull SageStream or LexisNexis... and/or something else.

Additionally, it could be mortgage fraud to not be forthcoming, on your Universal Residential Loan (Mortgage) Application form. On that form 1003, you must disclose a prior bankruptcy in the last 7 years, or a foreclosure in the last 7 years. There are also other mandatory disclosures. I sympathize with you because even though you may be able to get it off your credit report, you must still disclose it. As soon as the desktop underwriting system (DU, GUS, Loan Prospector, etc.) sees that box checked for a bankruptcy, the loan will go into a manual review, or go from approve/eligible to approve/caution (or some other finding that is specific to the loan program).

Those are the rules unless you have extenuating circumstances or could look to a non-QM (non-qualified mortgage) or portfolio lender who do Day 1 "event" mortgages and refinances.

Personally, I would probably not go down the rabbit hole of trying to get the bankruptcy removed as there are many sources for that public data. Especially if you live in the same home where you lived when you filed bankruptcy. Let me tell you... these underwriters are impressive with their detective skills.

You may need to look to those non-QM mortgages and/or portfolio lenders. They typically have higher rates and higher LTV (loan-to-value) offerings. Most of those types of lenders also restrict any cash-out, so if you're looking for cash, that could be problematic as well.

Thank you Just Broke for direction.
Yes i will follow direction to stop my work for removal from credit reports.
What will my chances look like to refinance Sept.4, 2023?
I have been told i will be a candidate to apply at this date!
Yes this early application for mortgage looks real sketchy to me. no thanks.
Good day

[flashoflight]

Thank you just broke. yes i really need a re-finance on my home mortgage. i have a chapter seven so the rules are i need to wait four years from dismissal. my date is Sept. 4, 2023
also trying to increase my credit file as i only have five debts
i do understand the freezing. i am in financial jail untill Sept. 4, 2023
appreciate the help!

You can do FHA two years out of a 7 or 12 months after starting the 13 plan. FHA doesn't have the most fantastic rates after factoring in the MIP, but given you have a bankruptcy it's not that bad when compared to investor property mortgages with good credit or a lower credit conventional with a cashout. I was bummed that I'm locked out of conventional for 7 years, but I took what I could get last year with FHA and am glad I did before rates shot up. Think of it another way --- last year when 30 year rates on conventional were 2.8%, the investor property folks would jump at the chance of taking 3.75% or 4% even though it sounds high. That's a very, very good rate for a non-owner-occupied and best part is that it's fixed for 30 years. Of course all of this doesn't matter if your current mortgage is 4% or less due to the rates shooting up lately.

[justbroke]

flashoflight I think that crabbman wrote that this was a dismissal. That means the 4 year wait is the default unless there are extenuating circumstances. From what I was told, that extenuating circumstances for FHA means death of a wage earner or worse. It is rare to get approval under an extenuating circumstances exception... unless the lender is passing dirty files to FHA.

The conventional lockout of 7 years only happens if the mortgage was not included (discharged) in the Chapter 7 bankruptcy. Otherwise there is an exception to that 7-year foreclosure rule. If the mortgage that was foreclosed was discharged in a bankruptcy, then the bankruptcy period may be applied by the lender. (You have to find a lender willing to mark the foreclosure with a special comment that will ignore the foreclosure.)

[shipo]

Thank you Shipo. i do not understand the CRA early exclusion, the TU, 3-month for EX, and five minutes for EQ, and the EE period.

The term "Early Exclusion" (aka. EE) means the CRAs are often willing to drop bankruptcy and other derogative items from an individual's credit report before the 7-year or 10-year (depending upon the derog) point has been reached. Based upon numerous reports I've read, the following *MAY* be granted for a Chapter 7 bankruptcy:

• TransUnion: they may be willing to drop the public record of the bankruptcy after 9 years and 6 months from filing date.
• Experian: they may be willing to drop the public record of the bankruptcy after 9 years and 9 months from filing date.
• Equifax: they virtually never drop any derogative items early, hence my "tongue firmly planted in cheek" comment of 5 minutes early.

In my case, even though I was theoretically eligible for EE as early as last July, since I had exactly zero need for any new credit, I opted to let my Chapter 13 fall off organically after the 7 year point had reached; Experian dropped my bankruptcy off my record after 6 years and 11 months, TransUnion and Equifax both dropped at 7 years. Once again, in my case, my FICO scores shot up nearly 100 points on average; some of them climbing nearly 150 points.