How to Rebuild Credit Following Bankruptcy

How to Rebuild Credit Following Bankruptcy "Once you have completed the bankruptcy process, you may feel as though the entire world has been removed off your shoulders. In some sense, this is true. However, you still need to reign in your elation and address the status of the remaining credit you have. Here are a few things to bear in mind so that you can begin to rebuild your credit and obtain a decent credit rating once again.Obtaining a copy of your credit report from each of the three major credit reporting agencies is one of the first things you should do after the discharge of your bankruptcy. You have essentially three goals in mind. First, you must confirm that the bankruptcy has been noted on all relevant accounts. This is especially true if you have filed for debt relief under Chapter 13. Next, you must ensure that any debts not included in the bankruptcy contain accurate and up-to-date information. Lastly, you should verify that the report contains no surprises, such as a long-forgotten account that you believed was paid off two years ago. It is impossible to commence credit repair if you are unaware of where to start.Next, take measures to ensure that any errors on your credit report are resolved and cleared up. Many individuals believe that credit reports will automatically correct themselves if errors are made. That is not the situation. An incorrect item may be rectified at one credit bureau but remain inaccurate at the other two, or vice versa. Your objective is to have creditors revise the information they submit about you so that your current status is reflected consistently across all three of your credit reports.Third, while you are updating the status of your old credit accounts, consider opening one or two new accounts that you can pay off simply and quickly. For instance, obtain a secured credit card with a couple hundred dollar credit limit. This will improve your credit score in two ways. You must first establish a savings account as collateral for the card. Second, if you use the card for a couple of minor transactions per month and pay them off when the monthly statement arrives, your credit reports will soon reflect a positive note.There are numerous resources that can assist individuals in regaining financial stability after bankruptcy. Consider meeting with a financial advisor to develop specific strategies that will not only help you improve your credit score, but will also provide you with a more stable financial foundation. By taking this action, you will significantly reduce the likelihood of ever finding yourself in a similar negative situation again.
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