So you’ve finally finished discharging your debts and you’re ready to relax and be done with it, right? Wrong. About a month after things have completed it’s time to start fixing your credit report after bankruptcy.
The sad truth is that most of the time you’re going to find numerous errors on your report once you’ve discharged debts. Companies are not going to be motivated to update things saying that things have been “included in bankruptcy” and that you have a zero balance. Instead, they’ll leave the debts on there marked as open or overdue with amounts you owe on them. You want to call and have this taken care of.
It’s very common for people to be intimidated by the companies and overwhelmed after everything they’ve been through and not bother with calling to fix their credit report after bankruptcy. This is a big mistake.
After you’ve discharged all of your debt your rating may actually go up, and you’ll be on your way to rebuilding your finances for the future. However, if you still have those debts on there, this can’t happen. A major factor in calculating your score is the amount of debt you have versus the amount of credit available to you.
It may take a few calls to get this corrected, but it will be worth it in the long run.
Once you’ve gotten this taken care of, you can start working on rebuilding things. You can work on making your payments on time every month, possibly get a secured credit card from your bank and use it very lightly, paying it in full each month. It’s important to take things slowly and carefully to avoid future problems, but it’s also important to make sure you do things to build up a positive history. Be careful, but don’t give up altogether.
It takes persistence, but fixing your credit report after bankruptcy is very worth it, and an important step towards your financial future.