Rebuilding Credit
A bankruptcy file can stay on your credit report for up to 10 years. However, you won't be financially crippled for ten years, if you put effort into rebuilding your credit.After your case is over, you want to obtain updated copies of your credit reports to be sure all information is accurate.
You are entitled to receive one free copy of your report each year from each of the credit reporting bureaus. You can request your report online or over the telephone. The easiest way to request your reports for free is below:
www.annualcreditreport.com
1-877-322-8228
If you have already received your free reports in the past year, then you will need to purchase it directly from each agency. You can request your report online or over the telephone.
Equifax
1-800-685-1111
www.equifax.com
P.O. Box 740241
Atlanta, GA 30374-0241
Experian
1-888-397-3742
www.experian.com
P.O. Box 2002
Allen, TX 75013
TransUnion
1-800-916-8800
www.transunion.com
P.O. Box 1000
Chester, PA 19022
When you are reviewing your credit reports, you want to be sure that all accounts are reported accurately after your bankruptcy. Some of the common mistakes that you will want to get fixed are:
- An account showing as active, with a balance due
- Negative remarks after your bankruptcy filing
- Reporting the bankruptcy incorrectly (wrong chapter, wrong dates, etc)
- Reporting a bankruptcy debt as "charged-off".
Typically, regardless of how you requested the report, there will be a place near the end of the report that details the process to dispute the incorrect information.
After you dispute the information, the agency should send you an updated report with the information updated. When this happens, if the debt is still reported inaccurately, you should contact my office so we can discuss how to proceed.
The way to build credit is to show a positive history of making payments without overextending yourself.
Get one or two accounts, use them regularly and pay them regularly.
In rebuilding your credit avoid:
- maxing out your credit
- being late on payments
- opening lots of accounts (decline every retailer that wants to offer you a percentage off you purchase if you open an account with them).
- do not open and close accounts on a regular basis - longevity is important.