How long bankruptcy stays on your credit report depends on the type of bankruptcy you file:
- Chapter 7 bankruptcy remains on your credit report for 10 years from the date you filed.
- Chapter 13 bankruptcy stays on your credit report for seven years from the date filed.
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The bankruptcy mark on your credit report should automatically fall off your report once the seven or 10 years have passed.
If the bankruptcy doesn’t come off your credit report after the expiration date, you should dispute the error.
How to build your credit after bankruptcy
Your credit score is likely to rebound in the months after you file.
A 2014 report from the Federal Reserve Bank of Philadelphia found that the average Equifax credit score of someone who filed Chapter 7 bankruptcy was 538.2 on a 300 to 850 scale. By the time the case was closed, which is typically within six months, the average score was up more than 80 points, to 620.3.
What’s more, you can make moves to restore your credit score:
- Monitor your credit report at all three major credit bureaus. Watch for errors that might be lowering your score and to make sure negative information drops off when it’s supposed to. (You can get a free credit report weekly at sites like NerdWallet.)
- You can begin to improve your payment history by using a secured credit card or secured personal loans — products that are backed by money you already have on deposit.