credit report

Will a bankruptcy automatically come off my credit report?

A Quora user asks: Will a bankruptcy automatically come off my credit report after 7 years or do I need to do something proactive to get it off?

Victor Fong, Licensed Insolvency Trustee in Toronto, Canada replies:

I’m in Canada, so the answer I’m going to give to you pertains to how it works in my country.

Equifax: A bankruptcy gets removed from your credit file 6 years after you’ve been discharged from bankruptcy. If you are not discharged, Equifax will keep a record of your bankruptcy on file for a maximum period of 7 years (14 years for subsequent bankruptcies) from your bankruptcy filing date.

Trans Union: A bankruptcy gets removed form your credit file 7 years (14 years for subsequent bankruptcies) after you’ve been discharged from bankruptcy. If you are not discharged, Trans Union will keep a record of your bankruptcy on file indefinitely until you obtain your discharge.

The bankruptcy should come off your credit report automatically after the 7 years. However, it’s always good to obtain a copy of your credit report from both Equifax and Trans Union at the 7 year mark to confirm that the bankruptcy record has indeed been removed. If not, you will have to contact them to correct this.