5 Easy Steps to Rebuild Your prestige after Bankruptcy

Bankruptcy often is the last greatest solution for many debtors who have unbearable debts. With filing a bankruptcy, you will get rid of your debts instantly and relief you from the harassing call of your creditors.

Although bankruptcy has many undesirable consequences such as your bad credit record will remain on your credit record for 7-10 years, but with a slight work, you can enhance your credit even before these negative records expire. Here are five easy steps you can take to rebuild your credit.

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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 all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and secure.

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

Step 2: Check the expiration dates

By law, your bad credit record will remain in your credit record for 7 to 10 years, but the exact expiry date might be dissimilar among these 3 reports. Your bad record will still remain at your credit record although you have pay off your old debts and discharge from bankruptcy.

Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and variety records. You will likely see a major revising in your credit score when these records expire.

Step 3: invite For definite 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 definite your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days investigation to see either your requests are valid and if so, they will definite the inaccuracy in your credit report.

Just one note, don't try to dispute any of the determined information listed in your credit reports and it is a waste of time to attempt to dispute these records. Disputing determined information may no ifs ands or buts harm your credit scores.

Step 4: Start to generate good credits

Since there is no way to remove your bad record from your credit report, the best way to enhance your credit score is to add good earnings and construction 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 population rebuild their credit after bankruptcy).

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

Step 5: Monitor your progress

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

Summary

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.

5 Easy Steps to Rebuild Your prestige after Bankruptcy