Do Bankruptcy Filings Appear on Credit Reports?
Credit reporting agencies such as Equicredit compile financial data on all individuals who have social security numbers. It is the financial news, starring you. Lenders always run a credit report on a potential borrower. On a typical credit report, a lender will find a list of your credit accounts and loans, whether you have been delinquent in the payment thereon, the extent of the delinquency and any judgments or liens against you. Bankruptcy filings also appear on your credit report, despite the fact that the bankruptcy may have wiped clean most or all of your debt. It should be noted that lenders will consider logical explanations for temporary periods of delinquency. For instance, it will behoove you to explain to the lender that you were unable to pay your bills on time for eight months because of job loss, illness, etc. For any further questions regarding bankruptcy, speak with the best Louisiana bankruptcy attorneys.