There are ways to repair your credit report after a bankruptcy. Although these procedures will not help right away, they can be used to help repair your credit over time. Taking the needed steps to eliminate the bankruptcy record from your report or to improve your credit after a bankruptcy can place you on the right road to prepare your credit report and score for the future.
There are steps you can take after bankruptcy to fix your credit file.
Any credit accounts that were discharged during the bankruptcy procedure will appear as either a "Charge-off" or "BK Liq Reo" on your credit report. The actual bankruptcy will show up as a public record either as a Chapter 7 or Chapter 13.
The best way to eliminate a bankruptcy from your credit file is to dispute it with Experian, Transunion and Equifax directly. Find some mistake in the actual bankruptcy claim; you can usually discover discrepancies since a person had to add the bankruptcy into your credit report.
One way to dispute a bankruptcy is to question the amount of each account listed. Often, creditors will round up the balances to the nearest dollar for ease of entry. This incorrect entry can be legitimately disputed since the number is not correct. In many cases, the bankruptcy is ordered removed.
Sometimes bankruptcies are easier to eliminate than other items on your credit file. Why? Because bankruptcy files hold a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
There is a difference when working with the government compared to private creditors. The government will take much longer to respond and therefore make it more difficult for the bureaus to answer to your claim. The government's inability to act quickly can be a benefit to you.
When sending your letter of dispute, make sure that it is addressed to the three major credit bureaus, not to the local government office that maintains the bankruptcy file. The major credit bureaus must correct or verify any errors within a certain period (usually 30 days) or remove them from your credit report. It is not difficult to find some inaccurate information in all the bankruptcy papers, so use this to your benefit.
A bankruptcy is not the end of the rope for your credit, and often it is much simpler to erase a bankruptcy record then it would be to erase a lot of small diverse debts on your credit report. Look over the bankruptcy records completely, find something incorrect, and file a dispute to have it erased from your report, so you can begin building your credit file again.
There are steps you can take after bankruptcy to fix your credit file.
Any credit accounts that were discharged during the bankruptcy procedure will appear as either a "Charge-off" or "BK Liq Reo" on your credit report. The actual bankruptcy will show up as a public record either as a Chapter 7 or Chapter 13.
The best way to eliminate a bankruptcy from your credit file is to dispute it with Experian, Transunion and Equifax directly. Find some mistake in the actual bankruptcy claim; you can usually discover discrepancies since a person had to add the bankruptcy into your credit report.
One way to dispute a bankruptcy is to question the amount of each account listed. Often, creditors will round up the balances to the nearest dollar for ease of entry. This incorrect entry can be legitimately disputed since the number is not correct. In many cases, the bankruptcy is ordered removed.
Sometimes bankruptcies are easier to eliminate than other items on your credit file. Why? Because bankruptcy files hold a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
There is a difference when working with the government compared to private creditors. The government will take much longer to respond and therefore make it more difficult for the bureaus to answer to your claim. The government's inability to act quickly can be a benefit to you.
When sending your letter of dispute, make sure that it is addressed to the three major credit bureaus, not to the local government office that maintains the bankruptcy file. The major credit bureaus must correct or verify any errors within a certain period (usually 30 days) or remove them from your credit report. It is not difficult to find some inaccurate information in all the bankruptcy papers, so use this to your benefit.
A bankruptcy is not the end of the rope for your credit, and often it is much simpler to erase a bankruptcy record then it would be to erase a lot of small diverse debts on your credit report. Look over the bankruptcy records completely, find something incorrect, and file a dispute to have it erased from your report, so you can begin building your credit file again.
About the Author:
The best credit repair solution I've discovered is Credit Repair Magic, available at CreditRepairMagic.com. It's the fastest and best value credit repair system I've seen. Don't waste your time with ineffective e-books or ridiculously overpriced monthly services. Download the best program to dispute bad credit today.
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