Question: I declared bankruptcy December 2001 and was discharged in February 2003. I applied for a low interest credit card and was turned down. As it turns out Equifax clears the record 6 years after discharge and Transunion waits 7 years from discharge. So essentially I will have waited 10 years to be able to get credit. Why is Transunion different from Equifax with their credit reporting.
Answer: Equifax and Transunion are both private companies, and therefore they can essentially set their own rules for what they put on your credit report.
If you are trying to re-establish credit, one way to do that is with a secured credit card. If you have the deposit they require it is unlikely that you will be turned down.
Tags: credit report, secured credit card