Official Bankruptcy Papers

Most people think that their Federal Bankruptcy petition is connected electronically to their Credit Reports and that they are automatically updated

. They are not. And, many times, even after bankruptcy, debts that have been discharged or reaffirmed are still being listed as late, defaulted, or not current. This is incorrect and directly affects your credit score.

Many people have found that simply doing Bankruptcy discharge orders and records and updating their credit report with their bankruptcy significantly increased their credit score.

You can get credit again right after Bankruptcy. There is not a 7 or 10 year ban on obtaining credit, but not if your credit reports are still incorrect.

Once a bankruptcy is marked on credit report it reflects for more than nine years and this is also no guarantee that after nine years it will be removed or not. Bankruptcy repair is basically for removal of negative items from your report. Once it is marked, no financial institution will trust you.

But there are many reasons. The most important reason is, you are a brand new customer again! All you dischargeable debts are wiped clean, you are a fresh slate to a credit card company. And you cannot file again (in most cases) for 7 years so they are guaranteed your payments for at least 9 years.

And remember home industry makes money selling homes and making loans. Mortgage lenders advise me you can get a home loan 2-3 years after a discharge. As long as your debt to income ratios look good (you make enough money vs your debts which are now gone due to the bankruptcy), you are a good credit risk for a home loan.

This is why it is important to have your credit reports be correct right after bankruptcy, so in the years after filing, you have a clean report and the right credit scores.

You can get credit again right after Bankruptcy. There is not a 7 or 10 year ban on obtaining credit, but not if your credit reports are still incorrect.

There are options available to repair bad credit and raise your credit score. Click the following link for more information on how to repair bad credit quickly and legally:

by: Joe Dindo

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