Credit reports are now more accurate than ever, in part due to a class action lawsuit that claimed widespread errors in reporting. If you have recently obtained a Florida bankruptcy discharge, chances are that your debts will be properly listed as no longer due on your credit report. Up until a few years back, this was not always the case.
Lawsuit Explained
In 2005 and 2006, defendants filed a class action lawsuit alleging that the credit reporting bureaus were not accurately representing their debts as having been discharged in bankruptcy. In a large number of individual cases, though the debtors had received full discharge of the debts in Chapter 7 bankruptcy, the debts were still being listed as due and delinquent by the major credit reporting bureaus.
As a result of the class action lawsuit the bureaus have stepped up their game in terms of ensuring that accuracy of these reports, particularly those relating to debts that have been discharged in bankruptcy. The bureaus are more diligent about the accuracy of their reports, and more thorough in their investigations of misrepresentation from people who believe their credit reports contain false information. As a result credit reports are now more accurate than ever.
Nonetheless, it is advised for you to continue to check your credit report regularly and ensure that it is an accurate reflection of your financial situation. Taking charge of your debt picture and your financial situation means you will be better prepared for the future, whatever it should bring.