Are You Thinking About Declaring BankruptcyCheck your credit score and deal with the discrepancies all by yourselfFinancial Series: How to Make Sense of Your Credit ScoreTax on Forgiven Foreclosure Debt May Return in 2014Nordbec − Using this type of technique has enabledDesign VogueThe Best Credit Cards for Fair Credit, Announced by CreditCardChaser.comCheck your credit score and deal with the discrepancies all by yourselfFinancial Series: How to Make Sense of Your Credit ScoreTax on Forgiven Foreclosure Debt May Return in 2014

How To Rebuild Your Credit After Declaring Bankruptcy

» Posted by on Mar 19, 2014 in Blog, Financial | 1 comment

How To Rebuild Your Credit After Declaring Bankruptcy

How To Rebuild Your Credit After Declaring Bankruptcy: It Is Not The End Of The World

Bankruptcy often is the last ultimate solution for many debtors who have unbearable debts. With filing a bankruptcy, you will get rid of your debts instantly and relief you from the harassing call of your creditors.

Although bankruptcy has many undesirable consequences such as your bad credit record will remain on your credit report for 7-10 years, but with a little work, you can improve your credit even before these negative records expire. Here are five easy steps on how to rebuild your credit after declaring bankruptcy.

How To Rebuild Your Credit After Declaring Bankruptcy: 5 Step Process

How To Rebuild Your Credit After Declaring Bankruptcy Step 1: Get to know your current credit status

The first step to rebuilding your credit is to look at exactly where you stand. Order all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and secure.

Print each report and review it closely. Try to understand the information listed in your credit reports and highlight any negative records or inaccuracies that are damaging your credit score.

How To Rebuild Your Credit After Declaring Bankruptcy Step 2: Check the expiration dates

By law, your bad credit record will remain in your credit report for 7 to 10 years, but the exact expiry date might be different among these 3 reports. Your bad record will still remain at your credit report although you have pay off your old debts and discharge from bankruptcy.

Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. You will likely see a major improvement in your credit score when these records expire.

How To Rebuild Your Credit After Declaring Bankruptcy Step 3: Request For Correct On Any Inaccurate Records

If you find inaccurate records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to correct your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days investigation to see whether your requests are valid and if so, they will correct the inaccuracy in your credit report.

Just one note, don’t try to dispute any of the positive information listed in your credit reports and it is a waste of time to attempt to dispute these records. Disputing positive information may actually harm your credit scores.

How To Rebuild Your Credit After Declaring Bankruptcy Step 4: Start to create good credits

Since there is no way to remove your bad record from your credit report, the best way to improve your credit score is to add good credits and building up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy).

Use this new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you may want to open additional credit card accounts or obtain a loan to boost your credit score even higher.

How To Rebuild Your Credit After Declaring Bankruptcy Step 5: Monitor your progress

Subscribe to a credit card monitoring service or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should improve steadily as you continue to use credit responsibly and add new positive information to your credit reports.

How To Rebuild Your Credit After Declaring Bankruptcy: Summary

Bankruptcy does not need to chain you to bad credit for the next seven to ten years, but you have to be proactive in order to recover and rebuild your credit. Now use this information on how to rebuild your credit after declaring bankruptcy and get out of bondage.

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How To Rebuild Your Credit After Declaring Bankruptcy



1 Comment

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Are You Thinking About Declaring BankruptcyCheck your credit score and deal with the discrepancies all by yourselfFinancial Series: How to Make Sense of Your Credit ScoreTax on Forgiven Foreclosure Debt May Return in 2014Nordbec − Using this type of technique has enabledDesign VogueThe Best Credit Cards for Fair Credit, Announced by CreditCardChaser.comCheck your credit score and deal with the discrepancies all by yourselfFinancial Series: How to Make Sense of Your Credit ScoreTax on Forgiven Foreclosure Debt May Return in 2014
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