Change Credit reporting laws through the President executive order
This petition had 78 supporters
President Trump Pass a new law through executive order to lower the time a bankruptcy can remain on your credit report. Chapters 13 lower to 4 years on a credit report and chapter 7 lower to 5 years, please have this effect all past and future bankruptcies going back 13 years. Having a bankruptcy sit on a credit report is preventing people from getting their life back together after a major medical issue, divorce or job loss, death of a spouce, or foreclosure. People sometimes have to claim bankruptcy because situations not of their fault that have put them in a financial position where they have no other choice. Credit reports are being used as hiring practices, insurance and mortgages. The negative reporting for 7-10 years is too long and prevents people from getting jobs, and much more. People should not be punished for 7 to 10 years for having a situation that forces them into bankruptcy like divorce, medical issues or job loss, death of a spouse other situations that caused them to file. When enacting this law it will allow people to repair their credit sooner. This will help the get lower interest rates on new credit, allow them to be able to buy a home without putting them into higher credit score, help with hiring practices. Pleople need to get their life back together, punishing them for 7 to 10 years is too long. This is not meant for people abusing the system but there are so many people who are trying to get their life back together after a major life event. This will help in restoring their credit and credit report by lowering the amount of time a bankruptcy can remain on your credit. This will allow people to get their life back together, women or men who lost a spouse and have children this will help them build their life again. Please help get this passed if everyone reading this can sign it and pass it in through Facebook and Twitter I would appreciate all the help. Thank you
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