Credit After Bankruptcy
If you have filed bankruptcy you should expect your credit will be severely damaged. However there is hope, you can take action to remove your bad credit and by building some positive credit you can have a high score.
The truth is that this mark does not have to remain on your credit for 10 years. To remove it we suggest:
1. Dispute the mark with the bureaus.
This is done by sending a dispute letter to the bureau; you can do this yourself or hire a service to do it on your behalf. The bureau will then conduct an investigation into the listing. However bureaus do not check public records when they investigate a dispute, thus the listing will not be verified.
Congress passed the Fair Credit Reporting Act and this says that the bureaus must remove any item on your report that can not be verified. People frequently ask if credit repair is legal. It is not only legal but this act explicitly says any mark you do not feel is accurate can be disputed. There will never be any legal ramifications for filing a dispute with the bureaus.
Before you dispute the bankruptcy it is a good idea to make sure that all other negative marks read "included in bankruptcy." The reason is once the initial bankruptcy mark is removed you will dispute all the other negative items because you do not have a bankruptcy mark on your report. There are rumors that it is much easier to remove this mark after two years.
2. Once you have removed the initial mark, you can start disputing each negative item.
You can dispute it on the basis that it says "included in bankruptcy", but you do not have a bankruptcy on your report. Thus each negative mark should be erased once investigated. Doing this will give you a clean slate on your report.
3. Open a new revolving line of credit such as a credit card. This will help you build some positive credit on your report.
When you make your on time monthly payments you will create a positive payment history on your report. Additionally this will help your utilization ratio, this is how the bureaus decide if you are in over you head financially. It is measured by the amount of available credit you have versus how much debt you have. These are the two biggest factors when your score is calculated.
While it is not illegal to dispute an accurate mark on your report it may not be the most ethical thing to do. However in my opinion charging people outrageous interest rates upwards of 30% and charging late fees is not ethical either.
In sum a positive payment history, report clear of derogatory items, and a good ratio of available credit to debt is the recipe for a 700 plus score. This will improve your quality of life by; saving you money on large deposits, high interest rates, and the embarrassment of a denial.
The truth is that this mark does not have to remain on your credit for 10 years. To remove it we suggest:
1. Dispute the mark with the bureaus.
This is done by sending a dispute letter to the bureau; you can do this yourself or hire a service to do it on your behalf. The bureau will then conduct an investigation into the listing. However bureaus do not check public records when they investigate a dispute, thus the listing will not be verified.
Congress passed the Fair Credit Reporting Act and this says that the bureaus must remove any item on your report that can not be verified. People frequently ask if credit repair is legal. It is not only legal but this act explicitly says any mark you do not feel is accurate can be disputed. There will never be any legal ramifications for filing a dispute with the bureaus.
Before you dispute the bankruptcy it is a good idea to make sure that all other negative marks read "included in bankruptcy." The reason is once the initial bankruptcy mark is removed you will dispute all the other negative items because you do not have a bankruptcy mark on your report. There are rumors that it is much easier to remove this mark after two years.
2. Once you have removed the initial mark, you can start disputing each negative item.
You can dispute it on the basis that it says "included in bankruptcy", but you do not have a bankruptcy on your report. Thus each negative mark should be erased once investigated. Doing this will give you a clean slate on your report.
3. Open a new revolving line of credit such as a credit card. This will help you build some positive credit on your report.
When you make your on time monthly payments you will create a positive payment history on your report. Additionally this will help your utilization ratio, this is how the bureaus decide if you are in over you head financially. It is measured by the amount of available credit you have versus how much debt you have. These are the two biggest factors when your score is calculated.
While it is not illegal to dispute an accurate mark on your report it may not be the most ethical thing to do. However in my opinion charging people outrageous interest rates upwards of 30% and charging late fees is not ethical either.
In sum a positive payment history, report clear of derogatory items, and a good ratio of available credit to debt is the recipe for a 700 plus score. This will improve your quality of life by; saving you money on large deposits, high interest rates, and the embarrassment of a denial.
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For a review of Lexington Law a suggested credit repair service visit us or for an article about credit repair services and what they really can do for you.
posted by Debt Consolidation Loan at
10:47 AM
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