5 Easy Steps to Rebuild Your Credit after a Bankruptcy in Fremont
Declaring bankruptcy is the last resort for debtors who get strangled by debt
. When filing bankruptcy, your debts and owed money are instantly erased and the calls from harassing creditors cease.
With declaring bankruptcy consequences follow. The biggest complaint and consequence of bankruptcy being a bad credit record on your report for 7-10 years. With some work this problem can be set on track before the bankruptcy clears on your reports. Here are five easy steps to begin to rebuild your credit.
Step 1: Get to know your current credit status
The first step in the rebuilding of your credit is to pin point where you and your credit stands. Order all three credit reports the three main bureaus: Equifax, Experian, and TransUnion. With the internet this process has become more affordable, easier, and secure.
Once the reports are ordered review the forms closely. Learn and evaluate the reports as much as possible and highlight the negative aspects of the records or other inaccuracies negatively affecting your credit score.
Step 2: Check the expiration dates
Your bad credit scores will follow you for 7 to 10 years by law, but the exact date differs between the 3 reports. Your bad records will remain on your credit report but will decrese as you pay off your old debts and discharge from bankruptcy.
Determine the exact date of all of the bad records on your reports. These bad records include: liens, judgments, late payments, charge-offs, bankruptcy filings, and collection records. As the records expire your credit score should rise.
Step 3: Request For Correct On Any Inaccurate Records
Upon examining your records if you finds fraudulent accounts, inaccurate records, or expired records you can send a dispute letter to each of the three credit bureus to correct this error. The three bureaus will begin a 30 day investigation following your dispute to determine if your requests are valid. If so, these errors will be corrected on your report. Be sure to send a dispute letter to each of the three bureaus because each or separate from the others.
On the other hand, do not dispute positive information listed in your reports. Disputing this is a waste of time and may harm your credit scores.
Step 4: Start to create good credits
Once a person files bankruptcy the bad record is permanent on the credit report. The best way to improve your credit score is to begin building good credit. You can easily begin to better your credit score by opening a new credit card from banks. Certain banks in Fremont, California have special credit card plans designed to help rebuild credit following bankruptcy.
Be sure to use this credit card responsible and make your payments on time. This will allow you to start building a new history of good credit on your report. As you do this, you might weigh your options of opening more credit cards or open a load to boost your score higher.
Step 5: Monitor your progress
For a small price each month credit card monitoring services and software are available to closely track your progressing credit score. A steady improvement should be seen on your scores as you continue to responsibly controlling your accounts and add new positive accounts to your credit reports.
Summary
Bankruptcy does not to be a snowball effect of bad credit for the next seven to ten year. You need to be proactive and get yourself back on track to rebuild a positive credit.
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Legacy Real Estate & Associates. 5 Easy Steps to Rebuild Your Credit after a Bankruptcy in Fremont
By: Clyde Brown
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