How to Rebuild Credit After Bankruptcy?
Bankruptcy is often the last definitive solution for many debtors who have unbearable debts. With filling failure you will get rid of your debts instantly and relief from harassing calls from your creditors. Although bankruptcy has many consequences as you bad credit record will remain on your credit report for 7-10 years but with a bit of work you can improve your credit even before the expiration of these negative records. Here are 3 simple steps you can take to rebuild your credit score after bankruptcy.
Step 1: To know the current credit status the first step to rebuilding your credit is to look exactly where you are standing. Sort all your three credit reports for those three national credit bureaus Experia, Equifax, Transunion. You can order these online reports which is easy and safe. Every print report and examine it closely. Try to understand the information listed in your credit reports and highlight any negative record or accuracies.
Step 2: Check expiration dates by law, your bad credit record will remain in your credit report for 7 to 10 years. But the exact expiration date may be different 3 reports. Your negative record will still remain with your credit report, even if you don’t pay your debts and unload it from bankruptcy. Look for the exact date of each bad record including judgements, liens cancellations, late payments, filing bankruptcy, collection records and you will probably notice a major improvement in your credit score when these records expire.
Step 3: Request to correct incorrect records if you find any incorrect records, fraudulent accounts or credit records that had to expire on you. You have a right to send a separate litigation letter to each of the credit bureaus to correct your Equifax , Experian, and TransUnion record. The offices will be an initial one 30 survey of days to see if your requests are valid and if so, you will correct the inaccuracy in your credit report. Just a note, do not try to challenge the positive information listed in your credit reports. Conquering positive information can really hurt your credit score.