How to Repair Credit After Filing Bankruptcy
After bankruptcy there are steps you can follow to help return your credit back to its pristine 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 entries left by the bankruptcy and get you back on the right track.
How could you remove a bankruptcy and increase your FICO score?
Any debts that were discharged during bankruptcy will appear as either "Charge-off" or "BK Liq Reo." The bankruptcy will itself be shown under the public record section as a Chapter 7 or Chapter 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 error in the bankruptcy record since it was written by a person.
Look closely on your credit report for any error 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.
Often, bankruptcies are easier to remove than other items on your credit report. This is because bankruptcy files have a plethora of information, so the likelihood of mistakes is extremely high as items are usually entered by busy or overworked court employees.
Working with a municipal office is markedly different from working with private subscribers. Getting the government to cooperate will make it hard for the credit bureau to respond to your dispute letter within the selected time, and the government's bureaucracy can work in your favor.
Remember to send your letter of dispute directly to the three major credit bureaus, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable amount of time 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 a death sentence for your credit history, and often it is much simpler to erase a bankruptcy record then a number of small miscellaneous items on your credit report. Examine your bankruptcy records completely, find a mistake, then file a request to have it removed from your credit report, so that you can start building your credit again.
How could you remove a bankruptcy and increase your FICO score?
Any debts that were discharged during bankruptcy will appear as either "Charge-off" or "BK Liq Reo." The bankruptcy will itself be shown under the public record section as a Chapter 7 or Chapter 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 error in the bankruptcy record since it was written by a person.
Look closely on your credit report for any error 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.
Often, bankruptcies are easier to remove than other items on your credit report. This is because bankruptcy files have a plethora of information, so the likelihood of mistakes is extremely high as items are usually entered by busy or overworked court employees.
Working with a municipal office is markedly different from working with private subscribers. Getting the government to cooperate will make it hard for the credit bureau to respond to your dispute letter within the selected time, and the government's bureaucracy can work in your favor.
Remember to send your letter of dispute directly to the three major credit bureaus, not to the court that holds the bankruptcy file. The bureaus must correct any inaccuracy within a reasonable amount of time 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 a death sentence for your credit history, and often it is much simpler to erase a bankruptcy record then a number of small miscellaneous items on your credit report. Examine your bankruptcy records completely, find a mistake, then file a request to have it removed from your credit report, so that you can start building your credit again.
About the Author:
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posted by Debt Consolidation Loan at
5:56 AM
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