A major drawback for filing bankruptcy is that you will have really bad credit score and credit report. Instead of feeling hopeless, you can proactively work to fix your credit score through different means. Your bankruptcy petition or documents will have the list of all the creditors and the debt that you owe to them. In order to track the progress of credit restore process, you want to make sure that the creditors from the bankruptcy petition are precisely represented in the credit. If you think social security number is crucial, then you should treasure your credit report also. It is what identifies you financially. Any creditor will require your credit report in order to see if you are qualified to be given the loan. If you are buying a car, house, or even just buying a big ticket departmental store product, it will all necessitate a credit check to see if you are credit worthy. If you do not take care of managing your credit appropriately, 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 your credit shows otherwise, this is most likely the oversight of the credit agencies. 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 restore this problem, one is free but dreary, the other will cost you money.
Option #1: DIY (do it yourself)
In order to rectify the credit, you should first collect the following 3 documents:
Driver’s license Social security card 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)
Make at least 3 copies of each of the above documents. You want to demonstrate to the credit agencies that such discrepancy should not be in your credit. You want to mail these paperwork along with the appropriate dispute request to the credit agencies so that the mistake can be corrected. You want to prove to the credit agencies that the debt from the specific creditor has been discharged by the bankruptcy court and should not be listed as such in the credit report. Make sure that the credit agencies update their records on your credit report using the new data that you have provided for them. No one should care more about mending your credit than yourself, so be on top of the credit bureaus until they correct the problem. Follow up with the credit agencies and make sure that the dispute has been resolved and your credit history is clean again.
Option #2: Hire a lawyer to fix your credit report
If you can hire a lawyer, he/she will be able to help you settle the discrepancy you have with your credit.
The final goal is to have an accurate credit report no matter which choice you have chosen to fix it. You want your credit report to be as clean as possible, without any creditors listed as active or derogatory. Remember your credit report is one of the important key to a good financial future, and you should have the best possible credit report you can get.
By: Steve B Sanchez About the Author: If you want more information on bankruptcy, please visit our website
ToFileBankruptcyOrNot.com.
Steve Sanchez has recently overcome the economic depression of 2008-2009 by declaring bankruptcy. Even though bankruptcy has devastated Steve financially and emotionally, Steve has rebuilt his businesses in the last 6 months and he has not looked back since.
One of his project is to educate people on bankruptcy. Having gone through the ordeal himself, he has first hand knowledge of the pros and cons of filing for bankruptcy protection. Please visit his site http://tofilebankruptcyornot.com if you want additional information regarding bankruptcy.
Chas
