Repairing Your Credit After Bankruptcy

In 2013 there were over a million bankruptcies filed in the US. So, while the median credit score is over 700, many people have been forced into filing for bankruptcy, severely damaging their credit score.

Ways to Repair Your Credit Following a Bankruptcy
There’s no sugar-coating the situation, and it’s understandable to be concerned. It is better to be worried about the position you’ve found yourself in rather than be apathetic. Many people who have gone through bankruptcy have chosen to accept their fate and tend to avoid credit situations or even check their credit scores. However there are ways to repair your credit score after a bankruptcy, but you must be proactive about the problem if you want to get your credit score back on track. It won’t take as long as you think if you are proactive in taking control of your credit.

Where to Start After Filing for Bankruptcy
While many consumers avoid new credit at all costs after filing bankruptcy due to the fear of repeating past mistakes, it’s crucial to your credit restoration success that you begin rebuilding your credit by doing one or all of the following:

• Opening a secured credit card
• Opening a retail or gas card
• Purchase a new vehicle if your previous car was relinquished during a bankruptcy
• Sign up for monthly credit building plans
• Start reporting your rent payments to the credit bureaus  
  

Once you’ve acquired some form of credit, make sure that you make your payments on time every month, possibly by setting up online bill pay through your checking account, and make sure that you use your new credit card every month while also paying it off each time. Many people find it helpful to use their new credit card on a typical, small monthly bill like a phone or electric bill and pay off the credit card shortly after.

Should you have filed your vehicle or car loan into bankruptcy, you will likely be able to apply for a new car loan reasonably easily, albeit at a high-interest rate. You should ensure that if you purchase a new vehicle, the monthly payments will not cause a financial burden and that the creditor will report the loan to all three credit bureaus. Making a monthly payment on a car loan will help to rebuild your credit after a bankruptcy and will show that you are being financially responsible.

Check Your Credit Report for Errors
While rebuilding your credit after a bankruptcy can be slow and tedious and requires a ridiculous amount of patience and dedication, you may also be able to speed up your credit repair by disputing negative items on your credit report. You can request a copy of your credit report once each year from each credit bureau. Reviewing your credit report following a bankruptcy can be vital to your credit recovery.

Once you’ve received a copy of your credit report, review it for discrepancies or errors. If you find errors in your credit report, you can dispute the harmful listings and potentially have them removed from your credit report. Suppose, for instance, your credit report shows that you were late on a credit card payment in the past, but you can prove that you weren’t. In that case, you may be able to dispute that record and have it removed from your credit report altogether, thereby helping to improve your credit score much quicker. Bankruptcies can even be removed from your credit report if discrepancies are present and disputed for removal. 

For more information or assistance with credit report disputes, contact Credit Repair Enforcers today!

About CreditRepairEnforcers.com:
Get the benefits and experience of a firm that concentrates on helping people with credit problems without paying huge setup fees. Credit Repair Enforcers has successfully removed erroneous, unverifiable, outdated, and inaccurate information from our client’s three credit reports for over 20+ years. We assist with all things credit repair and credit building. We have helped people who need assistance with personal, business, and corporate credit repair and credit building. Credit Repair Enforcers fight for your credit rights!