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.
The truth is that this mark does not have to remain on your credit for 10 years. To remove it we suggest:
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.
Congress passed the Fair Credit Reporting Act and this says that the bureaus must remove any item on your report that can not be verified. People frequently ask if credit repair is legal. It is not only legal but this act explicitly says any mark you do not feel is accurate can be disputed. There will never be any legal ramifications for filing a dispute with the bureaus.
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. Once you have removed the initial mark, you can start disputing each negative item.
You will be able to challenge the mark on the basis that your report does not show a bankruptcy. Therefore each item should be deleted by the bureaus upon investigation.
3. Open a new revolving line of credit such as a credit card. This will help you build some positive credit on your report.
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 might not be the most ethical to dispute items you know are accurate on your report. However is it ethical for lender to charge you 30% interest rate for missing a payment, 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.
The truth is that this mark does not have to remain on your credit for 10 years. To remove it we suggest:
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.
Congress passed the Fair Credit Reporting Act and this says that the bureaus must remove any item on your report that can not be verified. People frequently ask if credit repair is legal. It is not only legal but this act explicitly says any mark you do not feel is accurate can be disputed. There will never be any legal ramifications for filing a dispute with the bureaus.
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. Once you have removed the initial mark, you can start disputing each negative item.
You will be able to challenge the mark on the basis that your report does not show a bankruptcy. Therefore each item should be deleted by the bureaus upon investigation.
3. Open a new revolving line of credit such as a credit card. This will help you build some positive credit on your report.
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 might not be the most ethical to dispute items you know are accurate on your report. However is it ethical for lender to charge you 30% interest rate for missing a payment, 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.
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posted by Debt Consolidation Loan at
1:42 AM
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