If I filed bankruptcy and it was discharged about 4 1/2 years ago , what can I do about discrepancies that appear on my credit report?

UPDATED: Sep 9, 2014

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If I filed bankruptcy and it was discharged about 4 1/2 years ago , what can I do about discrepancies that appear on my credit report?

One of my credit reports has the bankruptcy listed under public records with $0 claim and $0 liability. However, accounts that were discharged in the bankruptcy are still showing high balances. Also, the balances shown on the credit report are higher than what was shown in my bankruptcy summary filed almost 5 years ago. The items that were discharged in bankruptcy on one of my credit file are still being reported as of last month. An item that was discharged in bankruptcy on one of my credit file was sold to another company. However, the original creditor is still being reported on my credit file along with the purchase creditor. How do I proceed to resolve the aforementioned issues?

Asked on September 9, 2014 under Bankruptcy Law, Wisconsin


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Under the Fair Credit Reporting Act (FCRA) credit bureaus and creditors must maintain an accurate reporting of your credit accounts. Bankruptcy information can be reported for up to ten years. However, debts that were discharged can no longer be reported as being unpaid or in a past due status. They either have to have a "zero" balance or they show discharged info. If dents are misreported then you need to write a dispute letter enclosing documents to support your claim and even a copy of the credit report.  Send the letter to the agencies who have an obligation to contact the reporting creditor for reinvestigation or delete information.  Deletion happens quickly if proper documentation is sent.  Reinvestigations can take a month or more (if you obtain it from a free report then 45 days) and advise you of the results.  Good luck.

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