How to Get Your Credit Back After Bankruptcy
After bankruptcy there are procedures you can follow to help restore your credit back to its pristine state. This will not happen overnight, but over time you will see results. Make sure to follow the right steps to remove the negative entries left by the bankruptcy and get you back on the right path.
There are steps you can take after bankruptcy to improve your credit report.
Any derogatory accounts that were discharged during bankruptcy will be shown as either "BK Liq Reo" or "Charge-off." The bankruptcy will itself appear under the public record section as a Ch. 7 or Ch. 13.
The best way to eliminate a bankruptcy from your credit report is to challenge it with Experian, Transunion and Equifax directly. Find some mistake in the actual bankruptcy claim; you can usually discover errors since a person had to enter the bankruptcy into your credit bureau record.
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 account can be ethically disputed since the number is not correct. In many cases, the bankruptcy is ordered removed.
Sometimes bankruptcies are easier to remove than other items on your credit file. Why? Because bankruptcy files include a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
Working with regional courts is quite different from working with typical credit grantors. Getting cooperation from the courts will make it difficult for the bureau 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 credit reporting companies, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable period or remove it from your credit record. It is very easy to find some kind of mistake in a bankruptcy file. Use this to your advantage.
A bankruptcy is not the end of the line 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 listed on your credit reports. Look over the bankruptcy records completely, find something incorrect, and file a dispute 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 improve your credit report.
Any derogatory accounts that were discharged during bankruptcy will be shown as either "BK Liq Reo" or "Charge-off." The bankruptcy will itself appear under the public record section as a Ch. 7 or Ch. 13.
The best way to eliminate a bankruptcy from your credit report is to challenge it with Experian, Transunion and Equifax directly. Find some mistake in the actual bankruptcy claim; you can usually discover errors since a person had to enter the bankruptcy into your credit bureau record.
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 account can be ethically disputed since the number is not correct. In many cases, the bankruptcy is ordered removed.
Sometimes bankruptcies are easier to remove than other items on your credit file. Why? Because bankruptcy files include a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
Working with regional courts is quite different from working with typical credit grantors. Getting cooperation from the courts will make it difficult for the bureau 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 credit reporting companies, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable period or remove it from your credit record. It is very easy to find some kind of mistake in a bankruptcy file. Use this to your advantage.
A bankruptcy is not the end of the line 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 listed on your credit reports. Look over the bankruptcy records completely, find something incorrect, and file a dispute to have it removed from your report, so you can begin building your credit file again.
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