Rebuilding Your Credit After Bankruptcy

Many people understand that obtaining credit can be a problem after filing bankruptcy, but there are lots of details involved in the credit rebuilding process; below you’ll find advice as to how you can rebuild your credit after bankruptcy — and it all starts with making sure your credit report is correct.

What happens after bankruptcy?

When your bankruptcy process is complete, your debtors are informed and the case is closed. Now it is time for you to get the fresh start you’d been hoping to receive — and the first place you should start is your credit report.

Remember that your bankruptcy doesn’t just disappear from records once it’s over — but it also doesn’t mean that you’ll be denied credit forever. It’s extremely important for you to get a copy of your credit report to see what’s on it about three to six months after your bankruptcy is complete; this way, you’ll see exactly what future creditors will see when they pull up your report, and you can start rebuilding your credit immediately.

You are legally entitled to a free copy of your credit report once every 12 months from each of the three major consumer credit reporting companies: Equifax, Experian, and TransUnion. The official site to request such credit reports is AnnualCredit.com. It is advised that you get copies from each of the three companies as information can vary among them.

When you receive the copies, be sure to look at them closely to make sure the information is accurate. If there are errors, such as listings of open accounts that are actually closed, you should write to the credit reporting company as soon as possible; you can also call, but in writing you can include copies of documents that support your claim. The company has 30 days to correct the error.

Your next move should be to contact the creditor in writing with supporting documents, to make sure their records are correct as well; you don’t want the debt to reappear on your report, or worse, have the creditor try to collect it in the future.

If the errors are not corrected, you should contact an experienced bankruptcy attorney to help you set your credit report straight.