Credit Report After Bankruptcy – You Have to Know About It

Many people don't even care about their credit report after bankruptcy, because they know that it is blotched with the traces of bankruptcy all around it. However, it is your duty to check your credit report after your bankruptcy to check whether or not all the charges placed on it are right or not. It is not right to think that just because your credit report is destroyed due to the bankruptcy you don't have to take care of it anymore. There could be wrong stuff on it, and it might not even be accurate. You should remember that the credit reporting agencies have no obligation to make sure that it is correct; it is actually you who should be worried about it.

So it comes to this: when you get your bankruptcy discharge papers, it is your duty to make sure that they are right and then get a copy of your credit report. Match it with your bankruptcy discharge papers to make sure that all the information on there is right, because 90% of the time it is not.

Every little bit of information on that credit report must match the details enlisted in your bankruptcy discharge papers. Make sure that all the creditors that you owed money to are listed in there, and your current remaining balance is $ 0. Also make sure that under each $ 0 balance, they do report "included in the bankruptcy" clause so that it's prominent.
If any of the enlisted creditors in your credit report show a balance more then $ 0.00, then it will adversely affect your credit score, and you don't want that. Then what you have to do is contact the creditor and ask them to update the credit report to make sure that it does have the right balance in there. Be prepared to contact them several times, because that's how often you have to call them to make it right.

Your credit score is supposed to go up after a bankruptcy, because all of your previous balances and debts are just gone away after that. You need to make sure that all of your creditors show a balance of $ 0.00 for that.
After the bankruptcy, repair your credit score and for that you have to do some hard work. You need to make sure that you make all of your payments and everything on time, and hence you would be eligible for many low interest loans very soon. Credit report after bankruptcy is not something to be taken lightly. You need to make sure that you compare your credit score with your bankruptcy discharge sheet to make sure that it is right and correct.

Source by Khurram Saleem

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