Do you have a bankruptcy record on your credit report? (check your free credit report from the 3 credit agencies annually). If you do, then surely you’re looking for way to expunge that bankruptcy out of your credit history because it can have a huge negative impact on your credit. For those who don’t know, bankruptcies will stay on your credit for 10 years, though it may help you recover from your finances if you no longer have any choice to pay for it. Some companies though, forget to remove your bankruptcy record even though a decade has already passes, if this happens to you, here’s what you should do.
1. The first thing you should do is to get a copy of your creditreport from the three credit agencies such as Equifax, Transunion and Experian. These three are actually independent business and their data can differ slightly from one another. Again, these three will run your annual credit report and you are entitled by the law to a free copy from each one of the companies.
2. If you already have your credit report, write a letter to your agency telling them that your old bankruptcy record is still on it. Tell them that the 10 year limit has already passes. Make sure your letter is brief yet concise. If you have enough proof to show them, make some copies and send them over to your creditor.
3. Send your letter and other important documents to your credit bureau. There are other ways for you to file a dispute; you can file one through e-mail or you can do it through the phone. But the best way to dispute is to send it through mail. Give them 30 days to process your complaints.
4. Once they have responded to your letter, make sure you check properly the results of their credit investigation. You bankruptcy will be expunged fully if your 10 year term is really over. You are supposed to get an explanation for the erasure of your bankruptcy. After this, your bankruptcy will no longer affect your credit score and you can now start on improving your credit score.
Even though you already have a bankruptcy recorded on your report, you can minimize the impact it will on creditors by keeping your recent balances low and making new payments on time all the time. Lenders, creditors and banks will usually look at your most recent activity and if you are doing good, then the better results you will get. Just be notified that when you file for a bankruptcy, you have to undergo a pre and post bankruptcy counseling session if ever you choose to go forward. You can also go to a credit counseling services because they usually offer it for free and you can even ask for their advice. Follow these tips and get rid of your bankruptcy in no time.
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