3 Steps to Clearing a Bankruptcy from Your Credit Report
Filing for bankruptcy may be your only financial option if you happen to find yourself in overwhelming debt. Nevertheless, taking this measure can drastically impact your ability to borrow money and gain credit in the future. If you have a bankruptcy filing (the most common being a Chapter 7 filing) on your credit report, it is imperative to try to have it removed as soon as possible if there is a legitimate reason to do so.
There is no guarantee that a Chapter 7 bankruptcy will be removed from your credit report, even if you follow the right steps. Generally speaking, the more recent the bankruptcy, the harder it is to remove. After all, a credit report should provide accurate information, even if it is unfavorable to the creditor.
That being said, it isn’t impossible. Given the right situation, the bankruptcy could be removed from your credit report if you take the following measures:
- Review the bankruptcy report to make sure it is accurate. Check your reports from Experian, Equifax, and TransUnion very carefully. You may want to consider hiring a credit monitoring service to do this for you. If you notice any errors, immediately dispute the entry with the credit bureau. If they are unable to confirm the bankruptcy, it will be removed from the report and your problem will be solved. If it is verified, you will need to take further action.
- Write a procedural request letter. Once a bankruptcy is confirmed by any of the credit bureaus, you will want to know who it was verified with. To do this, you will need to send a procedural request letter to the credit bureaus. Usually, you will receive a reply stating the bankruptcy was confirmed by the courts, which in most cases, is actually untrue.
- Contact the court. If the credit bureau informs you the bankruptcy has been confirmed by a specific court, you will want to contact the court directly to inquire exactly how the bankruptcy has been verified. Often the court will tell you they didn’t authenticate it, in which case you have grounds for removal of the bankruptcy since the creditor is in violation of the Fair Credit Reporting Act for providing you with false information. It is essential you have something in writing from the court before you pursue the credit bureau with your findings.
Be aware that although these steps may seem fairly simple, they are in reality very time-consuming and tedious. You may not even be successful with them. If you are not up to this challenge, you might want to consider hiring professionals, such as Great American Credit Repair Company, who have the knowledge and experience to take on this enormous task.
About Great American Credit Repair Company
Great American Credit Repair Company…….because you deserve a fresh start! Call us today at 1-800-491-6578 for your FREE consultation. Our financial experts will work diligently on your behalf to raise your credit score and repair bad credit. We are attorney-approved and offer the industry’s only Money Back Triple Results Warranty to protect your investment.
How does Great American Credit Repair work to restore your credit? Approximately 79% of all credit reports contain errors and aren’t verifiable. At Great American Credit Repair Company, we have a proficient understanding of the rules Credit Bureaus are bound to and how to resolve common but substantial threats to your credit score. We know most people don’t earn the credit score they deserve and will investigate every negative aspect of your credit report every single month to make sure you get the highest credit score possible.
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