subject: How You Can Fix Your Credit Report Post Bankruptcy If It Shows Active and Derogatory dismissed Creditors [print this page] How You Can Fix Your Credit Report Post Bankruptcy If It Shows Active and Derogatory dismissed Creditors
Even though there are significant advantages for filing bankruptcy, one of the downside is that you will have bad credit report in the next 5-10 years. It is not unimaginable to fix your credit score once you have filed for bankruptcy protection. As part of your bankruptcy petition and discharge is a list of all creditors and the associated debt which has been eliminated through the legal procedure. In order to track the progress of credit restore process, you want to make sure that the creditors from the bankruptcy petition are accurately represented in the credit report. The 2 crucial things you need to know at all times are your social security number and the state of your credit report. Social security number identifies you as an individual, and credit report identifies you financially from another person. Any creditor will require your credit report in order to see if you are qualified to be given the loan. A credit check is usually conducted by the creditor when a big purchase transaction is going to take place. If you do not take care of managing your credit report properly, you will have many issues later on in life.
Your credit report after the bankruptcy should only show that the debt to each of the creditors has been discharged and not active or anything derogatory. If you find that the credit report is showing something inaccurate, make sure you contact the credit agencies and disclose them of such. Instead of waiting for someone else to fix your credit report, take the proactive way and reach out to the appropriate parties involved. There are 2 ways to fix the discrepancy with your credit report, one being free but you have to do the work yourself, the other will cost your money but you do not have to do anything.
Option #1: Fix the credit card discrepancy yourself
The following 3 documents are indispensable when you are looking to fix your credit report:
Schedule F from the bankruptcy petition (this is the schedule that lists all the debt including the name, account number and address of the creditors
Driver's license
Social security card
You will need to have at least 3 copies of all the documents. The goal of this exercise is to show the credit bureaus that they have the out-of-date data and that debt has been removed from your credit history. You should send these documents to the 3 major credit agencies Equifax, Experian and TransUnion along with the dispute request. The intent of writing to the credit bureaus is to disclose to them of the legal judgment that a debt discharge has taken place, and that the debt in question should be listed as discharged and nothing more. Your purpose is to make sure that the credit bureaus have the necessary data to override the system so that your credit report can be corrected and be truthful. Stay vigilant and focus and having your credit report corrected with the major credit agencies. You want to make sure that they follow through with your request and take out the debt in question.
Option #2: Hire an attorney to do the work
A good lawyer will be able to help you challenge your credit report and clear up any discrepancy.
The final goal is to have an accurate credit report no matter which choice you have chosen to fix it. The idea behind an accurate credit report is to make sure that the creditors are not listed as active or derogatory. Just be mindful that a good credit report can go a long way for you. A lot of money related things you will be doing is dependent on the credit report. Make sure that your credit report is accurate and strive to be financially responsible so that you credit score can be as high as possible.
If you want more information on bankruptcy, please visit our website ToFileBankruptcyOrNot.com.
