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  • How can I rebuild my credit after bankruptcy?

  • How can I rebuild my credit after bankruptcy?

    November 8, 2019 | Blog
  • The most important ongoing habit you can begin is to pay all of your bills on time because your payment history accounts for the largest portion of your credit score. Even a single 30-day late payment can cause a significant dip, so imagine how bad it could be if you regularly miss a payment.

    Learning and changing your personal financial habits so that it doesn’t happen again. This might involve reviewing your income and expenses or bulking up your emergency fund to prevent future financial hardships.

    Your other best bet for rebuilding your credit after bankruptcy is to avoid accruing new debt.

    Depending on what type of bankruptcy you filed, you probably had much of your debt discharged. Even though the bankruptcy itself is a major negative item on your credit report, consider the rest a blank slate.

    Avoid racking up additional debt because that also has a significant impact on your credit score. Yes, bankruptcy isn’t a fun process to go through. But look on the bright side and consider it an opportunity to start fresh with your finances.

    Can bankruptcy be removed from your credit report?

    The credit bureaus have active campaigns online to make you think that it’s not possible. They pretend to be helpful, but they have ulterior motives. They don’t say it outright, but the way they word their interpretation of the FCRA makes people think that it can’t be done.

    However, as you will see below, bankruptcies absolutely can be removed from your credit report.

    When disputing a bankruptcy, you can’t file a dispute with one of the bureaus and expect it to apply to all three. Instead, you’ll have to file three separate disputes with Equifax, Experian, and TransUnion.

    Can you remove a bankruptcy on your own?

    Like all negative item disputes, it’s entirely possible to complete the process on your own; however, it’s a lengthy and tedious process that doesn’t guarantee results.

    You can dispute the bankruptcy either by stating an inaccuracy of the information included in your credit report or by asking the credit bureau how it verified your bankruptcy. As with any dispute, they must respond to your procedural request letter within 30 days.

    In most cases, they’ll say that they verified it with the courts, but this is unlikely. You must then contact the court to ask how they verified your bankruptcy.

    If they respond that they never verified it, you should get that statement in writing, send it to the credit bureau, and ask to have the bankruptcy removed.

    This method isn’t guaranteed but it might be worth trying. Otherwise, enlist the help of a credit repair company to navigate the process for you.

    We are highly experienced at disputing negative items on your credit reports. We specialize in getting bankruptcies deleted from your credit report. We can also remove the accounts “included in bankruptcy” like charge offs and collections.

    Check our website for FREE Consultation www.dkrgroupfinancial.com or call us now at (770)-578-4165.