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Credit Reporting Agencies: Rebuild Your Credit after Bankruptcy

Good credit isn’t everything, but it can highly influence your lifestyle options.  With good credit, banks and other lending agencies offer you liberal lines of credit at lower interest rates. If your credit is questionable, however, you could be denied financing altogether or pay exorbitant rates to get it.

Several factors can negatively affect your credit rating.  Among these are mistakes the credit reporting agencies make on your credit report. The Federal Trade Commission (FTC) recently released the results from a study finding serious reporting errors regarding nearly 10 million consumers. One consumer claimed that despite making regular timely payments on all of her accounts, credit companies still reported her as a high risk for credit. Credit reporting agencies have the power to make or break your creditworthiness.

Inaccurate – and damaging–information on your credit report could be the difference in:

  • Obtaining a loan
  • Gaining approval for certain types of insurance
  • Being hired for particular jobs
  • Being approved for an apartment rental

You can rebuild your credit even after a bankruptcy. A periodic careful review of your credit report is not only advisable, but also essential, especially if you filed bankruptcy.  Consumers are entitled to a free copy of their credit report once per year. You should look for inaccurate reporting such as the following:

  • Delinquent accounts that you actually paid on time
  • Too many opened accounts when in fact you either closed  some of the accounts or the accounts do not belong to you
  • Delinquent accounts that the Bankruptcy Court discharged or included in your bankruptcy.  These lines on your credit report should show a zero balance.

If you find errors on your report, you should file a dispute immediately. Consult with a bankruptcy lawyer today for a free evaluation of your financial situation to determine how to get you back to financial freedom.

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