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How to Repair Credit Score After Bankruptcy

Many people who are considering filing for bankruptcy are worried that their credit will never recover. The truth is, not only can you rebuild your credit after bankruptcy, but you can have a very good score within a few years. Read ahead to find out how to build back your credit:
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Know your credit score and credit report
Following bankruptcy, checking out your credit score will probably be uncomfortable. You may have lost 200 points or more. But knowing where you stand is the first step in reaching your goal of a clean credit report.
Get all your personal information correct
Your basic information has to be completely up to date, including your residential and employment history. If you can show long term employment and rental stability, future creditors will improve their outlook on your credit requests.
All debts must be discharged in bankruptcy
You can’t improve your credit score if debts from before your bankruptcy are continuing to charge you delinquencies. Your credit report should show a zero balance with all accounts “discharged in bankruptcy.”
Get erroneous information removed from your credit report
If there are accounts on your credit report that are not actually yours, you need to dispute them. There are companies that offer to help you have legitimate items removed from your report, but their results are dubious and the accounts usually reappear. If you can make a case that one or more accounts on your credit report are not yours, however, you may be able to get them removed.
Find out who has made credit report inquiries
Following bankruptcy, many creditors included in your filing will have already reviewed your credit because of delinquent payments. While these are legitimate inquiries, you will want to remove any creditor inquiries that you either did not approve of or do not recognize as one your account holders.
Understand when items can be removed
Specific items can only be on your credit report for a certain length of time. For example, an account can only stay on your report for seven years from the date of your last purchase or payment. Known the expiration dates for your various accounts and have them removed as soon as possible.
Ensure that new collection accounts are accurate
Many creditors will transfer your debt to a collections agency when you are delinquent. Unfortunately, your bankruptcy information does not always make it to these collection agencies, which means that new collections accounts on old debts might appear on your post-bankruptcy credit report. Make sure that the new account’s date reflects the date of the original debt.
For more information or for a chapter 7 bankruptcy attorney, contact DeLuca and Associates today.

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4560 S. Decatur Blvd. Suite 302
Las Vegas, NV 89103

(702) 252-4673
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