BK and Credit Reports

What is the name of your state? I live in CA. In Jan 1996, my BK was discharged. I also had a foreclosure. At the time, I thought that BK's stayed on your credit report for 7 years. Now I'm reading everywhere it's 10 years. If it was 7 when mine was discharged, then isn't it still 7, even if the law changed after the fact? Also, does the combination of BK/foreclosure make it worse and stay on my credit report longer, say for 10 years?

[Ladynred]

Bankrtupcies have always been reported for 10 years, per the FCRA:


§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.

The FCRA was enacted in 1970, ammendments made in 1996 which were put put into place in 1997. However, the amendments in 1996 had nothing to do with the reporting period for bankruptcies. You were misinformed.

The forclosure would stay on your report for 7 years, same as any other notation on your report EXCEPT for the actual bankruptcy itself..which will stay for 10 from the date of your FILING.

The short, simple version:

Bad debts can stay on your report for 7 years.

Bankruptcies can stay on your report for 10 years.