Guidelines for Bankruptcy Credit Repair
After filing for bankruptcy, you may believe that you will never again have a good credit rating. It is essential to bear in mind that although it will be difficult, the task is not impossible.
Any negative mark on your credit report, including a bankruptcy filing, stays on your record for a maximum of seven years. After this period, the item is completely removed from your record. It IS possible, though you will likely have to wait seven years, for your credit score to improve after filing for bankruptcy.
How to Get Going
First and foremost, you must obtain a copy of your credit report. To get begun, you must be aware of the current state of your credit. Typically, you can obtain your report for free or at a nominal cost.
You will need your credit report to not only determine your credit score, but also to identify any errors. After reviewing the report and identifying any errors or negative marks against you, you will endeavor to have them corrected. If you find an error on your credit report, you must contact the credit bureau directly and provide proof that you do not owe the amount listed.
Even if you only owe money somewhere, if it appears on your credit report, it has a negative impact on your credit score. Even owing a few dollars will have this effect, and paying off debt is a crucial step in credit rehabilitation following bankruptcy. Pay off your obligations with the highest interest rates first, and remember that the less debt you have, the better your credit score will be.
There are numerous additional measures you can take to repair your bankruptcy credit. If you have more debt than you can afford to repay, you should consider submitting a formal proposal to your creditors or beginning a debt management plan.""
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