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Friday, July 29, 2016

5 Easy Steps to Rebuild Your Credit after Bankruptcy

Bankruptcy often is the last solution for many folks who have unbearable debts. With the filing of bankruptcy, you will get rid of your debt and stop the harassing call of your creditors.

Although avoiding bankruptcy has many undesirable consequences such as your bad credit and payment history will dog you for years to come, but with a little work, and the strategic filing of a bankruptcy case you can improve your credit even before these negative records ruin your credit score. Here are five easy steps you can take to rebuild your credit after you file.

Step 1: Get to Know Your Current Credit Status

The first step to rebuilding your credit is to look at exactly where you stand. Order your three credit reports from the three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and secure.

Print each report and review it closely. Try to understand the information listed in your credit reports and highlight any negative records or inaccuracies that are damaging your credit score.

Step 2: Check the Expiration Dates

By law, your bankruptcy will remain in your credit report for 7 to 10 years, but the exact expiry date might be different among these 3 reports. Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. You will likely see a major improvement in your credit score when these records expire.

Step 3: Request Corrections On Any Inaccurate Records  

If you find inaccurate records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to correct your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days investigation to see whether your requests are valid and if so, they will correct the inaccuracy in your credit report.

Just one note, don't try to dispute any of the positive information listed in your credit reports and it is a waste of time to attempt to dispute these records. Disputing positive information may actually harm your credit scores.

Step 4: Start to Create Good Credit

Since there is no way to remove your bad record from your credit report, the best way to improve your credit score is to add good credits and building up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy).

Use this new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you may want to open additional credit card accounts or obtain a loan to boost your credit score even higher.

Step 5: Monitor Your Progress

Subscribe to a credit card monitoring service or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should improve steadily as you continue to use credit responsibly and add new positive information to your credit reports.


Bankruptcy does not need to chain you to bad credit for the next seven to ten years, but you have to be proactive in order to recover and rebuild your credit.

Call Charles L Basch II @ 313-343-9930 TODAY!!

1 comment:

Anonymous said...

Just checking to see if this works.