Credit After Bankruptcy
If you have a bankruptcy on your credit report you probably feel like there is no way to escape a low score. However you can remove this listing and you can create a positive score for yourself.
Contrary to popular belief this mark can be removed from your report and without waiting 10 years. To remove this mark we suggest:
1. Dispute the mark with the bureaus.
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.
It is rumored that after 2 years it is easier to remove this mark, however it is not required. Additionally we suggest you make sure that any negative item on your report reads "included in bankruptcy." The reason for this is you will later dispute the validity of these items because your report does not show a bankruptcy.
2. When your bankruptcy mark is erased, you can start to dispute each negative account.
You can dispute it on the basis that it says "included in bankruptcy", but you do not have a bankruptcy on your report. Thus each negative mark should be erased once investigated. Doing this will give you a clean slate on your report.
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. - 16931
Contrary to popular belief this mark can be removed from your report and without waiting 10 years. To remove this mark we suggest:
1. Dispute the mark with the bureaus.
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.
It is rumored that after 2 years it is easier to remove this mark, however it is not required. Additionally we suggest you make sure that any negative item on your report reads "included in bankruptcy." The reason for this is you will later dispute the validity of these items because your report does not show a bankruptcy.
2. When your bankruptcy mark is erased, you can start to dispute each negative account.
You can dispute it on the basis that it says "included in bankruptcy", but you do not have a bankruptcy on your report. Thus each negative mark should be erased once investigated. Doing this will give you a clean slate on your report.
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. - 16931
About the Author:
For a review of Lexington Law Firm a suggested credit repair service visit us or for an article about NCO Collection a common debt collector.
posted by Edgar at
01:50
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