How Bankruptcy On Your Credit Report Affects You
You bankruptcy credit report relationship is closely intertwined. A bankruptcy will cause an immediate drop in your credit score. The bankruptcy will remain on your credit report for about ten years, depending on the credit reporting agency, from the time you file with the courts.
If, however, you begin filing for bankruptcy, and the judge dismisses it, or you change your mind and decide not to go through with it, the bankruptcy must be noted as “dismissed” on your credit report.
When looking for a loan, of course bankruptcy is bad. But creditors look at other things on your credit report in addition to bankruptcy status. After all, a bankruptcy will only cause your score to drop by between 150-300 points. So, even though your bankruptcy will remain on the books for a number of years, you should start working to improve your credit score as soon as possible.
