Once you file for bankruptcy you may feel that it is useless to try and repair your credit. Let's face it, the damage is already done and everyone knows that bankruptcies remain on your credit report for ten years.
Bankruptcy is not uncommon in today's economy. The loss of employment, death of a spouse or rising prices are just a few of the many reasons a person may be forced to file bankruptcy. Possibly your neighbor, friend, or even your minister may have been impacted by a bankruptcy. Bankruptcy is not a rare occurrence and even people that are wealthy have filed bankruptcy.
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Waiting 10 years for the bankruptcy to "fall off" your credit report is always an option but it is not the best option. The choice to repair your credit will prove to be beneficial to you. A good credit score is necessary to secure a lower interest rate when purchasing your home or even trying to get a loan. Repairing your credit after bankruptcy is a slow process so the sooner you begin your efforts to restore your credit score the sooner you will begin to see an improvement on your report.
There a several steps that you can take to begin your credit repair.
1. Begin by obtaining your credit report. You are entitled one free report per year. Check your credit report for any inaccuracies. If there are any discrepancies on your report, contact the reporting company in writing. If they reported something on your report in error, by law they are obligated to remove it. Contact debtors and make arrangements to pay any outstanding debts.
2. Consolidate your bills so that you are only making one payment instead of several payments to different debtors. It is easier to keep track of one payment or creditor as opposed to keeping track of several different creditors. Also if you consolidate your bills and have one payment, the interest for that one payment may be lower than all of the interest you may be paying to several different companies.
3. You can also begin the process of cleaning your credit by getting a secured credit card and making timely payments. These cards are not hard to get. A lot of banks offer them and your credit limit is based on the amount of money you deposit into that account. Once you are issued the secured card, make minimal purchases and be sure to make your payments on time. This will greatly aid in the repair of your credit.
Because bankruptcies are diverse in the filings you may want to check with a credit repair company for help concerning the reporting laws and to help begin the process of cleaning your credit. The Attorney's Guide to Credit Repair is an excellent resource to use if you want to successfully clean your credit and secure your financial future. It is filled with unlimited information that will help navigate you through the process of credit repair. Your decision to clean your credit will prove to be a good decision and you will be glad you got started sooner than later.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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