One of the biggest obstacles that people face after discharging a bankruptcy is the cleaning up process of their credit report. Your credit report can show your bankruptcy filing for up to 10 years, but in most cases the credit reporting agencies will remove it after seven. Your credit rating determines whether or not you will able to get a loan in the future such as a car loan or a mortgage. This could even make it harder for a person to rent an apartment or to obtain a credit card at a favorable rate of interest.
Is credit repair after bankruptcy even possible or do you have to wait the seven years to pass for it to get dropped? The simple answer is that, you can’t totally erase your bad credit, because you can’t remove bankruptcy from the report. The bankruptcy filing will stay in the report until the seven years have passed. After that, the information is dropped from your records.
Also note that, the credit bureaus only report what they are told to report from the creditors. Basically they take the information that was given to them from the creditors and put it on a credit report. From those reported information, your credit score is calculated. Because it’s done this way, there is a possibility that the information they are receiving from the creditors is inaccurate or contains incorrect information. Then this would of course reflect an incorrect score for that person. So the challenge is to make sure that the information on your credit report is 100% accurate. If not, you are entitled to dispute any incorrect information.
Again, once the seven years have passed, the bankruptcy record should fall off naturally. If for any reason your bankruptcy filings are still on your report after the seven years, send a dispute letter to the lender with proof of your filings.
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