Ways To Get Out Of Debt

Rebuilding Credit After Bankruptcy

March 27th, 2009

After you complete your bankruptcy, you’ll experience a very noticeable sense of relief. You’re beginning a new chapter in your life. You’re now set for a new beginning financially. However, before you’ll be able to really get going in your fresh financial life, you’ll need to initiate the process of rebuilding your credit. Therefore, the first thing you’ll want to do after bankruptcy is to acquire a copy of your credit report. After you receive your credit report, you’ll need to make sure it doesn’t contain any of your pre-bankruptcy debts.

Under federal law, you can get a free copy of your credit report at least once a year. Contact the three leading credit reporting agencies, TransUnion, Equifax and Experian, to ask for a copy of your free credit report. Once you receive your report make certain you review it very carefully. You should pay special attention to any lists of any debts that you had before filing bankruptcy. All of your pre-bankruptcy debts must be removed. But, it’s very common for people to find those old discharged debts still entered in their credit report. If you detect any of those pre-bankruptcy debts in your credit report, you’ll want to write a letter to the credit reporting agencies asking them to withdraw the inaccurate listings.

Bankruptcy does indeed lower your credit score. But, following bankruptcy you can work to rebuild your credit. One of the most important steps to rebuilding your credit after bankruptcy is taking the time to get rid of pre-bankruptcy debts in your credit report. If you’ll just dedicate a portion of your time to getting and reviewing your credit report, you’ll be able to better your credit score after bankruptcy. In Fact, if you’ll observe the measures listed here, you’ll be able to completely rebuild your credit after bankrtupcy .