How to Restore Credit After Bankruptcy

CLICK HERE For The Hottest Trend :::Be Your Own Detective! Discover How To Lookup Anyone's Phone Number and Their Address!

Home | Finance

How to Restore Credit After Bankruptcy

By: Derrick A. Clayton

Bankruptcy can be very harmful to your credit file, but there is a way to fix your credit report and improve your score. This will not happen immediately and will take some work on your part. However, it can be done and with great effect if you pay attention to the following information.
What can you do about a bankruptcy on your credit report?
Any derogatory accounts that were discharged during bankruptcy will appear 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 erase 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 a person.
Look closely on your credit report for any mistake 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 many situations the bankruptcy will be erased.
Believe it or not, bankruptcies can often be simpler deleted than most other negative items on your credit file. Bankruptcy files have voluminous pages that need to be translated into an entry on your report. So it is very likely that some sort of transcription error could be made by the person transferring the information to your report.
There is a difference when working with government offices compared to private creditors. The government will take much longer to respond and therefore make it hard for the bureaus to reply to your claim. The government's inability to respond quickly can be a benefit to you.
Remember to send your demand for correction directly to the credit bureau, 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 report. It is very easy to find some kind of inaccurate information in a bankruptcy file. Use this to your advantage.
Remember that bankruptcy is not the end of your credit life, and it can even be easy to fix 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.

Free Article Content Directory: http://www.articlefair.com

About The Author
The most effective credit repair system I've come across is Credit Repair Magic, available at CreditRepairMagic.com. It's the quickest and best value credit repair system I've seen. Don't waste your time with ineffective e-books or ridiculously overpriced monthly services. Invest in the highest quality program to dispute bad credit today.

Please Rate this Article

Not yet Rated