Being Debt Free And Your Credit After Bankruptcy

Repairing your credit after filing bankruptcy is not impossible and some companies online offer these services as well as tips on how to perform self-credit repair. The main goal when trying to perform credit repair is to keep in mind that new habits need to replace old ones, especially with spending habits that cause a problem in meeting monthly payment obligations. Remembering what caused the problem to begin with is important and a vital part of credit repair. Finding ways to re-establish credit is crucial and being debt free after bankruptcy can help accomplish this. Many banks offer charge cards to people in need of re-establishment with a low starting limit, and the interest and fees will vary depending upon the offer. Keep in mind that initially a higher interest rate and fees may be required because of the Bankruptcy but as history is re-established there will probably be opportunities for a lower interest rate later.

The first step in trying to accomplish credit repair after a bankruptcy filing will be to obtain a free annual copy of one’s report from all three of the major credit bureaus. Since each bureau keeps separate records all three need to be worked on. A dispute form can be used through the bureau or a letter can be written to the bureau on any derogatory items that are incorrect. With each disputed item send as much documentation as possible to prove the validity of the dispute. The bureau has 30 days to answer any disputes and when there is not an answer from the creditor in question, the item should be removed from the report.

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