Understanding Your Bankruptcy Credit Report
First is the not so good news. Your bankruptcy credit report will show your bankruptcy filing for 10 years although there are some who will remove it for less than 10. This means that in the duration, getting a new home, leasing an apartment, buying a car or getting a credit card with attractive interest rates might be difficult.
Now the good news: while your bankruptcy credit report might make some lenders and creditors wary about extending, much less give out credit, there would still be some who would based on the fact that discharge obtained in bankruptcy leaves all future earnings free from the claims of your past creditors, unless it is tied up to a collateral, in which case creditors can still collect. The problem here with bankruptcy credit report is that most consumers have been misinformed about how different a credit report is from one's credit worthiness- the two are totally different things. There are some instances where two people each toting a bankruptcy credit report will receive two greatly different credit outcomes. Why? One of them is definitely more credit worthy than the other based on a number of facts. The key here is to know your credit report history and to free it as much as possible from erroneous or unnecessary information. Keeping it always updated allows you to know what goes in and why.
The best bankruptcy credit report of course is one that is truthful because the law says so. While all your debt amounts will be shown as zero after bankruptcy discharge, there will still be a list of all discharged creditors as well as your pre-bankruptcy payment history. But be wary that a credit report is sometimes not always a reliable list of everyone you may be indebted money to. There are some lenders or creditors who will fail for some reason or another to file a report credit reporting agencies.
But take heart in the fact that despite that bankruptcy credit report, it should be expected that you should be more credit worthy after a bankruptcy than you were before given that you should now have a regular income and that formerly discharged debts can no longer claim on any of your future income. However negative you might believe a bankruptcy credit report to be, it is simply just history. The credit industry has never been known to be completely unsympathetic to people wanting a second, and even a third and fourth chance at credit. Do not be tempted to hire so called fixers to clean up your bankruptcy credit report; as has been said earlier, facts surrounding your credit history can never be altered. If you believe that there may be some items on your bankruptcy credit report that are inaccurate or totally wrong, look up under the Fair Credit Reporting Act to see how you can properly and legally correct this because if the credit reporting agency cannot verify the precision of the information, they are compelled to remove it. Despite bankruptcy credit report, you can still apply for a credit card based of course that you no longer have any credit obligations and that all credit card debts incurred at the time you file bankruptcy are already paid for. It is also a fact that not having any debts on a card by the time of filing will enable you to still use that card. Remember however that while it is not a requirement to report the filing to the credit card company, some companies insist on being informed as a matter of courtesy. One should comply to avoid the hassle of the card being canceled without due notice.
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