Credit After Bankruptcy
If you have filed bankruptcy you should expect your credit will be severely damaged. However there is hope, you can take action to remove your bad credit and by building some positive credit you can have a high score.
There is a lot of inaccurate information that claims a bankruptcy will be on your report for 10 years. This is not true you can remove it without waiting 10 long years. We suggest that you:
1. Dispute the listing with the bureaus directly.
You can do this yourself or hire a service to dispute the mark on your behalf. Did you know that the bureaus do not check public records when they investigate an item? Public records are where this mark is recorded and where the bureau would find verification.
The Fair Credit Reporting Act says that any mark that can not be verified by the bureau must be removed from your report. Additionally this mark says that you the consumer can dispute any item on your report that you do not feel is accurate. Often people are concerned with the legality of credit repair, and you should know you will never be fined, prosecuted, arrested, or face any legal action for disputing an item.
We suggest before you dispute the bankruptcy you double check to make sure any negative accounts are reported as "included in bankruptcy." This is because once the bankruptcy is removed from your report you will dispute each listing on the basis that it says "included in bankruptcy" yet there is no bankruptcy on your report. Additionally it is rumored that removing a bankruptcy is easier after 2 years have expired.
2. Dispute each negative item.
This can be done because no where on your credit report does it say you have filed a bankruptcy so how can these negative items be included? Upon an investigation the marks should be erased and this will provide you with a clean report.
3. Build positive credit. This will help the most if you have a new revolving line of credit such as a credit card.
By making your on time monthly payments you will create a positive payment history. Additionally keep your monthly balance at 25% of your available limit because this will show the bureaus that you do use your card and use it responsibly. This will improve your ratio of available credit to debt, a very important factor when your score is calculated.
It may not be the most ethical move to dispute a mark you know is correct. However how ethical is it for a lender to charge you 30% interest rate, especially if you have kept you account in good standing for years. Unfortunately all it takes is one missed payment and you can face fees and interest rates, no matter how long you have been a model customer.
In sum you don't just have to live with bad credit. You can remove the items and you can do it today. You can create a high score for yourself by removing the bad items and building positive marks. This will save you; on interest rates, embarrassment from a low score, and give you the purchasing power you deserve.
There is a lot of inaccurate information that claims a bankruptcy will be on your report for 10 years. This is not true you can remove it without waiting 10 long years. We suggest that you:
1. Dispute the listing with the bureaus directly.
You can do this yourself or hire a service to dispute the mark on your behalf. Did you know that the bureaus do not check public records when they investigate an item? Public records are where this mark is recorded and where the bureau would find verification.
The Fair Credit Reporting Act says that any mark that can not be verified by the bureau must be removed from your report. Additionally this mark says that you the consumer can dispute any item on your report that you do not feel is accurate. Often people are concerned with the legality of credit repair, and you should know you will never be fined, prosecuted, arrested, or face any legal action for disputing an item.
We suggest before you dispute the bankruptcy you double check to make sure any negative accounts are reported as "included in bankruptcy." This is because once the bankruptcy is removed from your report you will dispute each listing on the basis that it says "included in bankruptcy" yet there is no bankruptcy on your report. Additionally it is rumored that removing a bankruptcy is easier after 2 years have expired.
2. Dispute each negative item.
This can be done because no where on your credit report does it say you have filed a bankruptcy so how can these negative items be included? Upon an investigation the marks should be erased and this will provide you with a clean report.
3. Build positive credit. This will help the most if you have a new revolving line of credit such as a credit card.
By making your on time monthly payments you will create a positive payment history. Additionally keep your monthly balance at 25% of your available limit because this will show the bureaus that you do use your card and use it responsibly. This will improve your ratio of available credit to debt, a very important factor when your score is calculated.
It may not be the most ethical move to dispute a mark you know is correct. However how ethical is it for a lender to charge you 30% interest rate, especially if you have kept you account in good standing for years. Unfortunately all it takes is one missed payment and you can face fees and interest rates, no matter how long you have been a model customer.
In sum you don't just have to live with bad credit. You can remove the items and you can do it today. You can create a high score for yourself by removing the bad items and building positive marks. This will save you; on interest rates, embarrassment from a low score, and give you the purchasing power you deserve.
About the Author:
For a review of Lexington Law a suggested credit repair service visit us or for an article about credit repair services and what they really can do for you.
posted by Debt Consolidation Loan at
1:40 AM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home