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Rebuilding Credit Post-Bankruptcy: Updating your Credit Reports

Updating credit reports is an important step to start rebuilding your credit after bankruptcy. Spotting errors and writing a personal statement to be included in your reports are two great ways to help your reports look their best to potential future creditors.

Errors are often found in credit reports. Incorrect information, such as the wrong amount of days a debt is overdue, may be listed in your credit report and it is important to be able to spot these errors in order for your credit history to look its best. This is often a situation where a simple mistake was made on your credit report and the information can easily be changed with the proper steps.

There should be a dispute form included with your credit report and sending this into the bureau with the correct information should allow for the change to be made on your report upon review. If no dispute form is available, write a letter to the credit bureau explaining the situation. Remember not to volunteer any copies of receipts unless the creditor claims the information is correct. If a creditor is unable to back up a claim, they must remove the bad information on your report if there is no proof of it.

Writing a statement about your credit history is another great way to update your credit report so that it looks its best to creditors. The Fair Credit Reporting Act allows any individual to write a statement regarding outside factors which resulted in their declaring bankruptcy. This statement will be placed on your credit report and it gives you the opportunity to summarize your past and to show creditors how you are able to handle credit now and in the future.

Updating your credit reports is the first of the many steps needed to rebuild your credit. In my next blog post, I will begin discussing how to get rid of the debts which remained after bankruptcy.

Works Cited

Ryan, Paula Langguth. Bounce Back from Bankruptcy: A Step-by-step Guide to Getting Back on Your Financial Feet. Tracys Landing, MD: Pellingham Casper Communications, 1998. Print.

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