Bankruptcy Credit
Following bankruptcy credit can be
difficult to come by for many, so repairing your credit rating is
very important. While there are some fairly easy ways to do this,
there are also some ways that have the potential to do more damage
than good.
The amount of time bankruptcy stays on
your credit report depends on the type of bankruptcy you filed for –
Chapter 13 stays on your report for 7 years from the date it is paid
in full, or 10 years if it is not paid in full. Chapter 7 stays on
your report for 10 years, although in some cases it is also cleared
after 7 years. You will find that there are many companies claiming
that they are able to speed up the removal, or even worse remove your
bankruptcy from your credit report entirely, and also help you to
regain an excellent credit rating. These companies are more than
likely complete fraudsters, and many of their practices will be
highly illegal – if anyone says they can remove your bankruptcy
from your records, run a mile! The last thing you need to do is get
yourself caught up in some tangled credit fraud that is going to end
up costing you large sums of money, and that you will more than
likely not be able to get out of without the help of the people that
got you into the mess in the first place as they are the only ones
that know what is going on and how to bring an end to it all.
There are credit repair companies that
offer a great range of services, claiming they can help you with getting credit after bankruptcy, but will always ask for payment
before providing you with anything, even advice, and they are in fact
breaking the law by doing so. If a company won't tell you your legal
rights, or offer you advice on how you can go about repairing your
credit rating for yourself without wanting to charge you large fees,
then stay well clear as chances are they are no wiser to what is
really the best course of action than you are. You may also run into
companies that claim to be credit repair specialists whose first
piece of advice is to not contact any credit reporting agencies
directly regarding your credit report, or worse, advice you to
dispute absolutely everything on your report. Stay well away from
these guys too as realistically one of the first things you should do
following bankruptcy is contact the credit reference agencies and ask
for copies of your reports so you can make sure everything to do with
your bankruptcy has been documented.
One last technique that shockingly has
been used by some of these types of credit repair companies is
creating a new credit identity for yourself, therefore creating a new
credit report. This can be done using Employer Identification
Numbers, and is highly illegal – if you were to undertake this kind
of method you could well find yourself facing jail! After bankruptcy credit can be obtained by taking a slow but steady approach to
repairing your credit rating, it will take time and patience but
really is the only way.
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