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Evictions, foreclosures, bankruptcies, and judgments are terrible news for your credit. Public records, such as bankruptcy filings or outstanding tax obligations, were entries that could hinder a consumer’s credit history. This resulted in bankruptcy being the only type of reportable derogatory public record.
What to look for in credit inquiries: In addition to checking your credit report, you should make sure that there are no “funny business” transactions going on. Examples include: Bankruptcies. What to look for in public records: A Chapter7bankruptcy stays on your credit report for 10 years after it’s filed.
Bankruptcy is an exception that may remain on your credit bureau report for up to 10 years. A Chapter7bankruptcy will remain for up to 10 years, while a Chapter 13 bankruptcy generally remains for seven years. The extra 24 hours generally does not apply to payments made electronically.
There is one exception—bankruptcy may remain on your credit bureau report for up to ten years. More precisely, a Chapter7bankruptcy will remain for up to ten years, while a Chapter 13 bankruptcy generally remains for seven years. This won’t change regardless of whether you pay the past due amount or not.
Credit cards can be a highly convenient tool for facilitating daily transactions and managing personal expenses. This option should be among your last resort before filing for Chapter7bankruptcy. However, if they are poorly managed, they can quickly become a financial burden.
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