What is a public record on my credit report? A public record which appears on your credit report can consist of a bankruptcy, money judgment, tax lien and sometimes back child support and alimony. Depending upon your state’s statutes and legislation, the derogatory reporting will remain on your credit for up to 7-10 years, a few states’ statutes allow up to 15 years of derogatory public record.
A Chapter 13 bankruptcy will remain on your personal credit for seven years, since it is a five year repayment plan to your creditors.
Chapter 7 bankruptcy will remain on your personal credit for 10 years, this type of bankruptcy clears out all of your charge offs and debts that are included in the Chapter 7.
Q: Can a bankruptcy be removed off my credit report?
A: Yes, however, not in all cases, the older the bankruptcy discharge date, the easier it is to be removed off of your credit report.
Q: Do you recommend credit restoration after a Chapter 7 discharge?
A: Not all Chapter 7 petitioners need credit restoration; I have seen credit scores in the 700’s immediately after a Chapter 7 discharge, the answer to the question is it depends on the overall credit and how the accounts are reported.
A tax lien will remain on your credit for up to 7 to 10 years and with some other states’ legislation; it may remain up to 15 years. Even though you have paid the tax lien, some counties report tax liens incorrectly.
For example: A client paid his $134,000 tax lien. On his credit report, the county did not show the status of the tax lien whether it was paid/released or unpaid. My company disputed the erroneous reporting of that tax lien and succeeded in deleting the tax lien completely off the client’s credit with all three credit bureaus.
Money judgments will remain on your credit for up to 7 to 10 Years depending upon your state’s statutes and legislation, in some states 15 years. If your money judgment was paid there are good chances of having it removed. Florida statutes allow the judgment to remain for 10 years, Michigan statutes allow 7 years.
For example: A client had a judgment in the amount of $12,089 for his business advertising, he personally guaranteed the contract. Since the judgment was 6 years old, my company successfully settled the debt with the attorney in the amount of $4,000, luckily, he was a local attorney who was easy to work with.
Back child support delinquencies will remain on your credit report until you become current on your account. Sometimes, counties forget to remove the delinquency off your credit report that is when you call a credit expert to remove it off your credit report.
For example: A client was paying child support for his four children, he became delinquent because he was in the home building industry during the market crash which affected his income. He finally made the account current though the county forgot to remove the delinquencies off of his credit report; my company disputed the inaccurate information off my client’s credit report and deleted the derogatory off his credit report.
Some counties report back alimony, in most cases when the alimony payments become current, the county will remove it. Again, some counties forget to remove the back alimony derogatory on your credit when you become current.
For example: A client was delinquent on his alimony payments, he settled the account in a lump sum, however, the county forgot to remove the alimony delinquency off of his credit report. The client contacted my company and had the alimony delinquency that was appearing on his credit report removed.
For more information on how we can help you with business credit restoration and personal credit restoration locally in Bonita Springs, Fort Myers and Naples FL please fill out the online contact form about your concerns or give us a call at 855.477-9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Professionals on our Testimonials page.