Getting Started Rebuilding Credit
One of the best things about getting a fresh start on your credit by filing for bankruptcy is that it allows you a chance to rebuild your credit rating in the future. However, it is important that I tell you that your credit rating won't improve as long as all your old, negative information is still listed with credit reporting agencies, which as I said before can last for up to 5 years.
All three major credit reporting agencies know all about you and your debts before you even filed for bankruptcy. This information includes late payments, charge-offs and judgments that were made against you. After your discharge, all these debts should be listed on your credit report as "Included in BK." If they are not listed that way, they appear to still be active accounts in collection status, which could severely change your chances to get credit.
Unfortunately, creditors rarely report updates in credit records after a bankruptcy discharge. A couple of months after your discharge, you should take the time to order credit reports so that you can make sure all your discharged debts are listed as being included in your bankruptcy.
You can contact the three major credit reporting agencies for your accurate credit report at the following numbers:
Trans Union (800) 888-4213 www.transunion.com
Equifax (888) 397-3742 www.Equifax.com
Experian (800) 997-2493 www.experian.com
There are some more things that you can do to get your credit back in shape after bankruptcy; they are:
Give Yourself Credit:
The best way that you can rebuild your credit after a bankruptcy is to establish credit accounts that will report positive information on you. You will have to get a single credit card with a small credit limit, use it rarely and pay the entire balance every month before the due date. This doesnt work if you only pay minimum balances.
Read the Contract Small Print:
After your discharge, you will likely get several offers for credit cards and other loans very quickly. You will need to know what you're getting into before you accept these offers. Make sure that you fully understand the interest rate, any other fees and the expected monthly payments before you open a new credit account. You have to think that credit card companies will offer anything to get you hooked, however many of the great offers are only introductory and will double your payments later on.
Be able to prove Your Payments:
Even after your debts are discharged through bankruptcy, you may need proof that you don't owe these creditors before you can establish yourself again. Keep a couple of copies of your discharge papers from the court so that you can prove certain debts were discharged if you need to in the future. This will make your job much easier in the end.
Make all of your payment on time:
Most credit card companies and utilities report late payments to credit reporting agencies. If you make late payments every month, future creditors always see you as a bad credit risk. Also, you should note that most credit cards add a late fee whenever you're late with a payment, which only makes your payments higher. You will have to avoid paying late by paying your accounts in full on or before the due date.
Ruptcy Court
Personal Financial Management Course
Avoidance Suit
Previous Bankruptcy
Taxpayer Advocate
Future Asbestos Liabilities
Chapter 13 Bankrupcy
Preceding Bankruptcy
Chapter 11
Bankruptcy Help
Repair Credit
prebankruptcy period
Dishonest employees have been known to use small hand-held devices which are called skimmers to quickly swipe the card and then they download the account number data onto a personal computer later on. While many people need to file for bankruptcy these days, not everyone knows that they can rebuild their credit afterward. When you are forced to declare yourself bankrupt it is one way of dealing with debts you can no longer manage. Deleting Credit Report Errors in 48 HoursThis is the absolute fastest way to correct any mistake that are made on your credit report and raise your credit score at the same time. SCAM #4 Clean Credit Scam- They claim that they clean your credit fast and use their contacts to get you a mortgage (or credit card or loan). Many credit cards that target post-bankruptcy and low-scoring consumers add these processing charges and annual fees directly to your accountwhich means that you may receive a credit card with a 0 credit limit and 5 or more in charges already made to the account.
antecedent debt
You can use this service to ensure that no one has changed your address which happens when identity thieves are applying for credit so that they can get credit cards etc. 26. Recent Bankruptcy changes The bankruptcy laws changed in April 2004, and these changes made it easier for people to declare themselves bankrupt by reducing the time it takes to get rid of bankruptcy from three years to one year or less. For this reason, you will want to purchase a service or plan that monitors all three credit reporting agencies.