After bankruptcy there are procedures you can follow to help return your credit back to its previous state. This will not happen right away, 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 path.
What can you do about a bankruptcy on 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.
There is really just one way to eliminate a bankruptcy completely from your credit file and that is to deal with the credit bureaus directly. There is almost always some kind of mistake in the bankruptcy record since it was written by an individual.
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 item can be legitimately disputed since the number is not correct. In many cases, the bankruptcy is ordered eradicated.
Often, bankruptcies are easier to remove than other items on your credit file. This is because bankruptcy files hold a lot of information, so the likelihood of human error is extremely high as items are often entered by busy or overworked court employees.
There is a difference when dealing with government offices compared to the private agencies. The government will take much longer to respond and therefore make it more difficult for the bureaus to reply to your claim. The government's inability to move quickly can be a benefit to you.
When sending your demand for correction, make sure that it is addressed to the credit bureau, not to the local court that maintains the bankruptcy file. The bureaus must correct or verify any errors within a certain time frame (usually 30 days) or remove them from your credit file. It is not difficult to find some mistake in all the bankruptcy papers, so use this to your benefit.
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 inaccurate, and file a dispute to have it removed from your report, so you can begin building your credit file again.
What can you do about a bankruptcy on 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.
There is really just one way to eliminate a bankruptcy completely from your credit file and that is to deal with the credit bureaus directly. There is almost always some kind of mistake in the bankruptcy record since it was written by an individual.
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 item can be legitimately disputed since the number is not correct. In many cases, the bankruptcy is ordered eradicated.
Often, bankruptcies are easier to remove than other items on your credit file. This is because bankruptcy files hold a lot of information, so the likelihood of human error is extremely high as items are often entered by busy or overworked court employees.
There is a difference when dealing with government offices compared to the private agencies. The government will take much longer to respond and therefore make it more difficult for the bureaus to reply to your claim. The government's inability to move quickly can be a benefit to you.
When sending your demand for correction, make sure that it is addressed to the credit bureau, not to the local court that maintains the bankruptcy file. The bureaus must correct or verify any errors within a certain time frame (usually 30 days) or remove them from your credit file. It is not difficult to find some mistake in all the bankruptcy papers, so use this to your benefit.
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 inaccurate, and file a dispute to have it removed from your report, so you can begin building your credit file again.
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