How to Repair Credit After Filing Bankruptcy
After bankruptcy there are steps you can follow to help return your credit back to its original state. This will not happen immediately, but over time you will see results. Make sure to follow the right steps to remove the negative records left by the bankruptcy and get you back on the right road.
There are steps you can take after bankruptcy to fix your credit file.
Any debts that were extinguished during bankruptcy will be shown as either "Charge-off" or "BK Liq Reo." The bankruptcy will itself appear under the public record section as a Chapter 7 or Chapter 13.
There is really just one way to remove a bankruptcy completely from your credit file and that is to deal with the credit bureaus directly. There is almost always some kind of discrepancy in the bankruptcy record since it was written by a human.
One of the major possible difficulties you can dispute in a bankruptcy is the dollar amount of each account in question. Many times creditors will round off the account balance number to the nearest dollar for accounting purposes. This can be challenged since the number is technically not correct. In many cases, the bankruptcy is ordered erased.
Often, bankruptcies are easier to eliminate than other entries on your credit file. This is because bankruptcy files have a plethora of information, so the probability of mistakes is extremely high as items are typically entered by busy or overworked court employees.
Working with municipal courts is quite different from working with typical credit grantors. Getting the courts to cooperate will make it difficult for the the three credit reporting agencies to respond to your dispute letter within the allotted time, and the court's disorganization can work to your advantage.
Remember to send your demand for correction directly to the three major credit bureaus, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable time frame or remove it from your credit file. It is very easy to find some kind of error in a bankruptcy file. Use this to your advantage.
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 demand to have it removed 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 debts that were extinguished during bankruptcy will be shown as either "Charge-off" or "BK Liq Reo." The bankruptcy will itself appear under the public record section as a Chapter 7 or Chapter 13.
There is really just one way to remove a bankruptcy completely from your credit file and that is to deal with the credit bureaus directly. There is almost always some kind of discrepancy in the bankruptcy record since it was written by a human.
One of the major possible difficulties you can dispute in a bankruptcy is the dollar amount of each account in question. Many times creditors will round off the account balance number to the nearest dollar for accounting purposes. This can be challenged since the number is technically not correct. In many cases, the bankruptcy is ordered erased.
Often, bankruptcies are easier to eliminate than other entries on your credit file. This is because bankruptcy files have a plethora of information, so the probability of mistakes is extremely high as items are typically entered by busy or overworked court employees.
Working with municipal courts is quite different from working with typical credit grantors. Getting the courts to cooperate will make it difficult for the the three credit reporting agencies to respond to your dispute letter within the allotted time, and the court's disorganization can work to your advantage.
Remember to send your demand for correction directly to the three major credit bureaus, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable time frame or remove it from your credit file. It is very easy to find some kind of error in a bankruptcy file. Use this to your advantage.
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 demand to have it removed from your report, so you can begin building your credit file again.
About the Author:
The best credit repair solution I've come across is Credit Repair Magic, available at CreditRepairMagic.com. It's the fastest and least expensive credit repair system I've seen. Don't waste your time with useless e-books or ridiculously overpriced monthly services. Download the best program to fix bad credit today.
posted by Credit Counseling at
6:07 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home