A credit report is essentially a detailed history of your credit behavior. Your report tracks:
§ how many accounts you have open or closed
§ if you have accounts in collections
§ your account balances and spending limits
§ if you have paid your bills on time
After time a you pay a bill late or have an account in collections, your overall credit score drops. Lenders will pull your credit report before giving you access to new lines of credit or loans.
What happens to a credit report after bankruptcy?
When people have filed for bankruptcy, such as chapter 7 bankruptcy, it will appear on their credit reports for up to 10 years. After that time elapses, the bankruptcies will no longer appear on people’s credit reports.
How can people repair their credit after filing for bankruptcy?
The best thing people can do to repair their credit reports after filing for bankruptcy is to pay their bills on time and act responsibly.