The exact amount of time it takes for someone to recover depends on the type of bankruptcy filed, according to Experian. A chapter 7 bankruptcy stays on one's credit report for 10 years, while a chapter 13 bankruptcy stays for seven years. As time goes on, the damage to someone's credit score from the bankruptcy lessens.Know More
Those who have filed bankruptcy may be able to get credit fairly quickly after the bankruptcy, but with unfavorable terms. The interest rate and fees associated with the debt can be high.
To help rebuild their credit, individuals need to prove that they can responsibly handle debt. One way to do this is by getting a credit card, using it, and paying the balance off every month. This helps the borrower avoid interest charges. All new loan payments must be made on time.Learn more about Credit & Lending
One way to find your debts is to check your credit report for a list of your creditors and then contact them to find out exactly how much you owe, according to Experian. If collection agencies are involved, you can ask the original creditor which agency has your account, notes About.com.Full Answer >
A repossession stays on a credit report for seven years from the date of the first missed payment which led to the repossession, according to the credit bureau Experian. The term "repossession" is shown as the status on the credit report until it is deleted.Full Answer >
Consumers unfreeze credit reports temporarily or permanently by applying separately to each of the three nationwide credit reporting companies, according to Equifax, Experian and TransUnion. The cost and time needed to unfreeze the reports vary according to state law and the individual credit reporting companies, states the Federal Trade Commission.Full Answer >
The three credit bureaus in the United States are TransUnion, Experian and Equifax. Credit bureaus are consumer reporting agencies. They are responsible for gathering and reporting consumer's credit information.Full Answer >