How to Repair Credit After Filing Bankruptcy
There are ways to repair your credit after a bankruptcy. Although these methods will not help overnight, they can be used to help repair your credit over time. Taking the needed steps to delete 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.
How could you remove a bankruptcy and increase your FICO score?
Any debts that were eliminated during bankruptcy will listed 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.
The best way to remove a bankruptcy from your credit record 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 enter the bankruptcy into your credit report.
Look closely on your credit report for any typo the person made when adding up all of the bankruptcy accounts. They often round the number to the next dollar amount and this is technically not the actual number. Therefore, you could challenge this and in a lot of situations the bankruptcy will be eradicated.
Sometimes bankruptcies are easier to remove than other items on your credit report. Why? Because bankruptcy files include a lot of information, so the probability of errors is extremely high, and they are frequently reported by busy overworked court clerks.
Working with municipal courts is quite different from working with the private sector. Getting cooperation from the courts 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 incompetence can work to your advantage.
This next step is important: send a demand for correction to all three bureaus, not to the court that filed the bankruptcy claim. The credit bureau will need to correct any of the incorrect information on the credit report in a specific amount of time or clear the information from the report. You should take advantage of this system.
Remember that bankruptcy is not the end of your credit life, and it can even be easy to remedy compared to the many minor negative items that may appear on your report. Look over your bankruptcy records completely, determine if there are any mistakes, and then make your claim with the bureau demanding them to remove it from your credit report so that you can rebuild your credit.
How could you remove a bankruptcy and increase your FICO score?
Any debts that were eliminated during bankruptcy will listed 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.
The best way to remove a bankruptcy from your credit record 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 enter the bankruptcy into your credit report.
Look closely on your credit report for any typo the person made when adding up all of the bankruptcy accounts. They often round the number to the next dollar amount and this is technically not the actual number. Therefore, you could challenge this and in a lot of situations the bankruptcy will be eradicated.
Sometimes bankruptcies are easier to remove than other items on your credit report. Why? Because bankruptcy files include a lot of information, so the probability of errors is extremely high, and they are frequently reported by busy overworked court clerks.
Working with municipal courts is quite different from working with the private sector. Getting cooperation from the courts 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 incompetence can work to your advantage.
This next step is important: send a demand for correction to all three bureaus, not to the court that filed the bankruptcy claim. The credit bureau will need to correct any of the incorrect information on the credit report in a specific amount of time or clear the information from the report. You should take advantage of this system.
Remember that bankruptcy is not the end of your credit life, and it can even be easy to remedy compared to the many minor negative items that may appear on your report. Look over your bankruptcy records completely, determine if there are any mistakes, and then make your claim with the bureau demanding them to remove it from your credit report so that you can rebuild your credit.
About the Author:
The best credit repair solution I've come across is Credit Repair Magic, available at CreditRepairMagic.com. It's the quickest 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 dispute bad credit today.
posted by Credit Counseling at
5:23 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home