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Is my credit history wiped clean once my bankruptcy ends?

 

Dear James,

 

My bankruptcy ends on the 17th Feb. Will this be automatically deleted from my credit report and will my credit rating go up?

            

 

Debra, Hexham

 

Dear Debra,

Your credit rating should certainly improve now your bankruptcy has been discharged, but not overnight. The Insolvency Service should tell us about the discharge within a few weeks, enabling us to update your credit report. But the bankruptcy won’t be deleted – not straight away anyway. We usually keep public financial records like bankruptcies on a credit report for six years. As a result, assuming yours began in 2011, it should drop off your report during 2017. As far as credit scoring is concerned, a discharged bankruptcy order is likely to have less of a negative impact on any credit applications you make than an outstanding. What you should also do to help is check your credit report to make sure any debts that are listed on there that were included in your bankruptcy are also updated now to show clear balances. If any still need updating you can contact the lenders involved or ask us to intervene for you. You might like to consider adding a notice of correction to your credit report – which is an explanatory statement of up to 200 words – if you think it would help to explain the circumstances that led to your bankruptcy. Any lenders checking your report in the future would then see this, until the bankruptcy is removed.

James Sign

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