No doubt you have seen the sign tacked to a telephone pole as you drove by: “Bankruptcy Removed From Credit File.” Usually the sign goes on to state for $30.00 or some other attractive amount. Can bankruptcy on credit reports be removed?
The Fair Debt Credit Reporting Act states that a bankruptcy remains on your credit report for seven to 10 years from the date of filing depending on the type of bankruptcy you file. And yet, the ads persist in which people claim to be able to remove your bankruptcy in less time.
This author reviewed several online forums and true enough there were several people who gave personal testimonies that a bankruptcy had been removed from their credit file before their time was up. Of course, there is no way of verifying whether or not these people work for a credit repair company.
But consider this. The law is quite clear and a credit bureau is not obligated to remove an item from your credit report if that item legitimately belongs to you and the information revealed is accurate. So how then can a credit repair company have the item removed? Only by some illegal or improper scheme which might come back to hurt you in a big way.
Some of these companies will dispute the item as either not being yours or inaccurate. The credit reporting agency then has 30 days to verify the accuracy of the information. However, if you have ever dealt with the courts, you know that given the volume of cases handled, it may be difficult to get the information back to the agency within 30 days and so the item comes off your credit report and the credit repair agency slaps you on the back and then rushes to the bank to cash your check. But guess what? Most likely the item will be put back on your report when the bureau receives the information from the court clerk!
For more information please visit: http://www.floridalawattorney.com