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What is a credit report?

A credit report is a history.  Under the Fair Credit Reporting Act, 15 U.S.C. §1681, ( you are entitled to an accurate history, but not to a re-writing of truthful history.  That history can properly include delinquencies or bankruptcy.

A bankruptcy DISCHARGE will not erase discharged creditors or your prior-bankruptcy  payment history.  After a bankruptcy discharge, the amount outstanding for each discharged account should be shown as zero.  A bankruptcy will remain on your credit report for 10 (ten) years. You can usually repair your credit within 1-2 years.

Your credit report is not a reliable guide to everyone you may owe money to.  Not all creditors report to credit reporting agencies; your credit report lists only those that do report and the contents of the public record.

The notation that a debt is charged off does not necessarily mean it is NOT legally enforceable. “Charge off” is essentially an accounting term that indicates that the creditor doesn’t expect to collect the debt; a charge off alters the creditor’s income for tax purposes. It does not relieve the debtor of legal liability for its payment.

Credit reports after bankruptcy

Your bankruptcy can be reported on your credit report for 10 years from the filing of the case.  If you file a bankruptcy and voluntarily dismiss it before the discharge, the credit reporting agency must report the dismissal as well as the bankruptcy filing.

Assuming you have income, you should be more credit worthy after a bankruptcy than you were before, since your old debts no longer have a claim on your future income.

After the discharge, you are entitled under federal law to have the balance of each discharged debt reported as “O”.  The history of delinquencies can be reported, but the balance must be zero.  If it is not so reported, dispute the debt.

Negative history on your credit report is just that:  history.  It does not doom you to perpetual credit rejection.  It does challenge you to strengthen your financial present by saving and using credit carefully.

Fixing your credit report

Under the Fair Credit Reporting Act, you can challenge information that you believe is inaccurate.  If the reporting agency can’t verify the accuracy of the information, they must remove it.If you have received a discharge in bankruptcy, it is in your interest to have the discharge noted on your report, since it is proof that the old debt is no longer legally enforceable.

Consumers are entitled to a free credit report annually from each of the major reporting agencies.

Citations And Website For : (Buy A Credit Report For Your Bankruptcy Case; Then Fix Your Credit After Bankruptcy).

Life after bankruptcy

Bankruptcy is all about getting a fresh start. This is a collection of ideas for your financial life after bankruptcy, to cushion the impact of the bankruptcy, and to help you rebound.  None are magic:  they are practical, step by step ways to regain your financial footing.  They focus, not on your credit history, but your financial present.

  • Join a credit union.
  • Put the money you have been spending to make credit card minimum payments into a savings.
  • Set up automatic contributions to your savings account or retirement plan.
  • Check your credit report to make sure the discharged debts are noted as discharged.
  • Understand how expensive credit can be.
  • Get a single credit card, use it sparingly and pay it off every month.
  • Work to focus attention of lenders on how you have handled money since the bankruptcy.

You need to know that credit reporting agencies are entitled to report truthful, if unpleasant, financial history.  You have the right to have the inaccurate removed and to comment on the disputed.

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