Legal Question in Bankruptcy in California
Bankruptcy credit reporting
I am looking for the date that the Bankruptcy credit reporting law changed from 7 years to 10 years. I would also like to find a copy of this law.
2 Answers from Attorneys
Re: Bankruptcy credit reporting
Thank you for your posted question.
In April 1971, congress passed the Fair Credit Reporting Act (FCRA), which set a 10 year reporting period for bankruptcies;
On September 30, 1996: Congress amends the 1971 FCRA;
On September 30, 1997: The amended FCRA becomes effective (except the running of the reporting period)
On December 29, 1997: The Running of the Reporting Period for other debts (aside from bankruptcy, i.e. 7 1/2 years), becomes effective (455 days after Sep 30, 96)
I hope that this information helps, but if you have any further questions, want more information, or feel that you need legal representation, please feel free to email me directly at [email protected]. I�m happy to help in any way that I can.
Re: Bankruptcy credit reporting
The law was changed when signed by President Clinton on October 7, 1998. It was part of a non-bankruptcy law, and I am not sure exactly which one.
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