Rebuild Credit After Bankruptcy

After Bankruptcy

When you finish your bankruptcy, you’ll feel a really powerful sense of relief. You’re opening a new chapter in your life. You’re now ready for a new beginning financially. But, before you’ll be able to really get moving in your new financial life, you’ll want to initiate the process of rebuilding your credit. Therefore, the first thing you’ll want to do after bankruptcy is to obtain a copy of your credit report and make sure it doesn’t contain any of your pre-bankruptcy debts.

According to federal law, you can get a free copy of your credit report every year. Contact the three leading credit reporting agencies, TransUnion, Equifax and Experian, to request a copy of your free report. Once you have your report make certain you review it very carefully. You want to pay special attention to any lists of any debts that you had prior to filing bankruptcy. All of those pre-bankruptcy debts must be removed. But, it’s very common for people to find those old discharged debts still shown in their credit report. If you come across any of those old debts in your credit report, you’ll want to write a letter to the credit reporting agencies calling for them to withdraw the incorrect listings.

Bankruptcy does indeed lower your credit score. But, after bankruptcy you’ll be able to rebuild your credit. An important step in the process of rebuilding your credit after bankruptcy is making the time to get rid of pre-bankruptcy debts in your credit report. If you’ll just dedicate some time to getting and checking out your credit report, you’ll be able to better your credit score after bankruptcy. As a matter of fact, if you’ll stick with the measures named here, you’ll be able to totally rebuild your credit after bankruptcy.

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