Not all debts get removed from your credit report after 7 years

If you’ve ever filed for bankruptcy, then the trustee in your case likely informed you that it would remain on your credit report for seven years after it was approved. Did you know that no matter if you file for bankruptcy or not, most debts are supposed to be erased from your credit report after seven years anyway though?

It’s important that you don’t get the wrong impression. Even though derogatory information can only remain on your credit report for seven years, a Minnesota creditor can still collect on the debt that you owe.

This means that while information like charge-offs, debt collections and Chapter 13 bankruptcy may no longer show up on your credit report after seven years, your creditors can still pursue legal remedies to collect what you owe them. They may send you letters, call you or ask a judge to garnish your wages for as long as your jurisdiction’s statute of limitations allows.

Some other debts that may not drop off at the seven-year mark including outstanding tax liens, judgments or a Chapter 7 bankruptcy.

The credit bureaus should automatically remove this adverse information from your credit report at the seven-year mark without you having to contact them to do so. As this information is removed, it should gradually improve your credit score making it easier to qualify for new loans and lines of credit.

If this negative information isn’t removed, then your ability to get lenders in Vadnais Heights to extend you credit may be significantly impacted because of it. An attorney can advise you how to fight credit reporting errors and unfair credit reports.