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Check Credit Report: Alleviate The Effect Of Bankruptcy |
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Bankrupt would be the last
thing I would want to be in my life, when I check credit report. Why? Because it would stare at me from my credit report for a good 10 years and give me a tough time seeking a credit or insurance, a job, or even a decent accommodation. And this is not all!
When I check my credit report again, I wouldn't be able to endure the shock of finding open and overdue accounts, which, in fact, were supposed to be closed as part of the bankruptcy. But for those of you who have declared bankruptcy, I would suggest taking prompt action on the mistakes in your credit report to recover your credit. When you check credit report, and find open accounts that were closed long back, rush to your credit bureaus and demand these accounts to be presented as included in bankruptcy. It's very important to check credit report regularly to wipe out any goof ups in your report. This is because a wrong credit report can taint your credit score severely. The federal law states that a bankruptcy can remain on the credit report for as long as 10 years. It also says that the accounts that were a part of bankruptcy would generally be for 7 years on the credit report, even if they have no balance. I know that it's very upsetting to watch your credit score crash on the ground, making you unworthy for loans with good rates and terms. But don't dismay; check credit report and rest assured, the effect of bankruptcy should not be long lasting. Once again I remind you to check credit report and immediately inform the credit-reporting agency, if you find flaws with the report. Shun verbal talks and submit your argument in writing. Also, don't forget to attach copies of documents that are relevant to your argument. Your application should include your name and address, the disputed item, the reason for dispute, along with an appeal for rectification. Check credit report once again and highlight the errors. You may then enclose a copy of your report, if you want to. Always keep copies of your application and enclosures for future reference. Instead of trying to remove credit items from your report, it's better to focus on rebuilding your damaged credit. Check credit report and ensure that there is no mistake in the listing of items included in the bankruptcy. If you don't have any credit at the moment, begin a secured credit card or a retail charge card. I would advise you to pay off all pending bills without delay, and keep all your balances low. This is because most lenders are mainly concerned of the last two years' payment patterns. So, if you develop a habit of paying each and every bill on time, it will greatly favor your credit score. Taking such steps will gradually push your credit score on a higher level. Check credit report on a regular basis to keep tab of your financial position. Beware of ads that promise easy credit, despite of your bad credit history. There are certain illegal companies that indulge in intensive promotional activities. Be careful not to fall in their trap. Always keep in mind that mostly genuine lenders will not give hollow promises of getting you a loan or credit when you have a poor credit or are declared bankrupt. Moreover, it is a customary practice for reputable lenders to demand payment for a credit report or appraisal. You may also be required to pay an application fee. And finally, a word of caution from me: never commit the blunder of revealing your credit card account number, bank account information, or social security number over the telephone, unless you are well acquainted with the company and know why they are asking you for the same. Check your credit report and be thrifty in your expenses. |
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