Declaring bankruptcy is one of the most difficult financial situations you can experience, and it’s made even more difficult by the associated negative repercussions that occur as a secondhand result. It’s no secret that bankruptcies are one of the most damaging items on a credit history, and the resulting damage can almost seem insurmountable to those hoping to repair their credit and get a positive score. But the good news is that if you are looking for how to repair your credit after bankruptcy, there are actions you can take to help the process.
Pay Down and Stay Down
The most basic step in restoring anyone’s credit is to pay down your debt and keep from accruing any more by staying current on all outstanding bills. This is an easy step to dismiss because of its simplicity and the long time it takes to have a significant effect, but it’s an integral part of rebuilding your credit that cannot be ignored and it’s the number one step in how to repair your credit after bankruptcy. Even if you can’t afford to pay off entire bills whole, staying current (making minimum payments on-time) with your creditors will go a long way towards keeping your credit from sinking any lower, and every dollar you pay off is another dollar that goes towards improving your credit utilization rate which ends up raising your credit score in the long run.
Go to A Credit Restoration Company
This is the quickest way to significantly repair your credit after a bankruptcy, or any other type of major credit problem. Going to a company that specializes in credit repair will help you maximize your credit report by checking it for outdated or erroneous information on your record that needs to be legally removed. Bankruptcies generally will stay on your record for 10 years after they occur, though even bankruptcies have been removed under certain circumstances. But even if you can’t have the actual bankruptcy removed from your credit history, the credit restoration process will have a positive impact on your score by finding areas that can be improved. Most credit reports have errors on them, and these are items that are bringing your score down–but thanks to the Fair Credit Reporting Act, you have the right to contest these items, and the credit bureaus, TransUnion, Equifax and Experian, are legally required to investigate contested items and amend the reports if they find them unsubstantiated or in error. Credit repair specialists can isolate these items and help you contest them with the credit bureaus in a convenient and time-saving process.
As with anything else in life, you want to make sure you get the experts on your side when you’re ready to act. At MyCreditHelper, our team of credit specialists have nearly a decade of experience under their belts, and through our program, nearly 700,000 negative items have been removed from clients’ reports. If you really want to know how to repair your credit after bankruptcy, contact Darbe Nokes, the Credit Gal, to find out how to get started in
Originally posted 2013-10-02 22:47:47.