How to Dispute Credit After Bankruptcy
Bankruptcy can be very harmful to your credit file, but there is a way to fix your credit report and increase your score. This will not occur right away and will take some action on your part. However, it can be done and with great effect if you pay attention to the following steps.
What can you do about a bankruptcy on your credit report?
Any derogatory accounts that were discharged during bankruptcy will appear as either "BK Liq Reo" or "Charge-off." The bankruptcy will itself appear under the public record section as a Ch. 7 or Ch. 13.
The only way to erase the bankruptcy itself from your credit report is to dispute it directly with the credit reporting companies. You can usually find some mistake in the reporting of the bankruptcy, since the information is entered by a human.
Look closely on your credit report for any typo the person made when adding up all of the bankruptcy accounts. They often round the number to the next dollar amount and this is technically not the actual number. Therefore, you could challenge this and in a lot of cases the bankruptcy will be eliminated.
Sometimes bankruptcies are easier to erase than other items on your credit file. Why? Because bankruptcy files contain a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
Working with regional courts is quite different from working with the private sector. Getting the courts to cooperate will make it difficult for the credit bureaus to respond to your dispute letter within the allotted time, and the court's disorganization can work to your advantage.
When sending your dispute letter, make sure that it is addressed to the credit bureau, not to the local court that maintains the bankruptcy file. The major credit bureaus must correct or verify any errors within a certain amount of time (usually 30 days) or remove them from your credit report. It is not difficult to find some mistake in all the bankruptcy papers, so use this to your benefit.
A bankruptcy is not a death sentence for your credit file, and often it is much less complex to resolve a bankruptcy record then a number of small miscellaneous accounts on your credit report. Examine the bankruptcy records completely, find a discrepancy, then file a request to have it removed from your credit report, so that you can start building your credit again.
What can you do about a bankruptcy on your credit report?
Any derogatory accounts that were discharged during bankruptcy will appear as either "BK Liq Reo" or "Charge-off." The bankruptcy will itself appear under the public record section as a Ch. 7 or Ch. 13.
The only way to erase the bankruptcy itself from your credit report is to dispute it directly with the credit reporting companies. You can usually find some mistake in the reporting of the bankruptcy, since the information is entered by a human.
Look closely on your credit report for any typo the person made when adding up all of the bankruptcy accounts. They often round the number to the next dollar amount and this is technically not the actual number. Therefore, you could challenge this and in a lot of cases the bankruptcy will be eliminated.
Sometimes bankruptcies are easier to erase than other items on your credit file. Why? Because bankruptcy files contain a lot of information, so the probability of errors is extremely high, and they are often reported by busy overworked court clerks.
Working with regional courts is quite different from working with the private sector. Getting the courts to cooperate will make it difficult for the credit bureaus to respond to your dispute letter within the allotted time, and the court's disorganization can work to your advantage.
When sending your dispute letter, make sure that it is addressed to the credit bureau, not to the local court that maintains the bankruptcy file. The major credit bureaus must correct or verify any errors within a certain amount of time (usually 30 days) or remove them from your credit report. It is not difficult to find some mistake in all the bankruptcy papers, so use this to your benefit.
A bankruptcy is not a death sentence for your credit file, and often it is much less complex to resolve a bankruptcy record then a number of small miscellaneous accounts on your credit report. Examine the bankruptcy records completely, find a discrepancy, then file a request to have it removed from your credit report, so that you can start building your credit again.
About the Author:
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