When is The Credit Score Updated After Bankruptcy?

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When is The Credit Score Updated After Bankruptcy?

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Nothing is permanent in life. Not even the ill-effects of bankruptcy. Though it becomes public record and negatively affects the credit score of an individual, bankruptcy is removed after seven to ten years from the credit report of the filer. However, it takes time to change your credit score. Many people are worried if their credit score does not show any improvement even after bankruptcy is removed. According to the Los Angeles based bankruptcy law firm Recovery Law Group, there are different ways of calculating credit scores. Different lenders have different strategies to check risk management requirements.

Unless changes are made in your credit report, credit scores are not updated. Moreover, different lenders use more than one scoring model depending on the type of lending as well as their customers. The system used to calculate credit score by a credit union is different from that used by a national credit card company. This difference is because they have different clienteles and lending methods. Removal of bankruptcy is reflected in the credit score when a new copy of credit report is generated after the new score is calculated.

There is not going to be much change in your credit history just after bankruptcy is removed. Sometimes, negative items in credit history might cause no improvement in your credit score. You can get a free copy of your credit report to ascertain whether bankruptcy has been removed from it or not. It is important to have the latest credit report if you wish to seek any new credits. Changes in risk level should be reflected in your credit score and credit report. If you need the assistance of experienced bankruptcy lawyers, you can call 888-297-6023.