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6 Steps to Fix Your Credit After Bankruptcy

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Bankruptcy gives you a new financial life. Make sure you correct and update your information with the credit bureaus.

These steps were established by the Fair Credit Reporting Act:

1. Check your credit report for incorrect information.

Go to www.annualcreditreport.com to obtain your reports from Equifax, Experian & Transunion and have them mailed to your home address. Do NOT get them directly from the bureaus or you may lose important rights due to binding arbitration.

2. Get a copy of your bankruptcy petition & discharge orderfix credit report after bankruptcy

Look it over carefully. You will see all the debts discharged and that you are now no longer legally obligated to pay.

3. Make sure every debt that is discharged says “zero (0) balance-discharged in bankruptcy”

Debt that has been discharged must show “zero (0) balance-discharged in bankruptcy”. If anything else appears then it violates the Fair Credit Reporting Act. If you find incorrect information, write a dispute letter and send it directly to the credit reporting agency. For each incorrect item on your credit report, your letter must clearly:

a)  identify each incorrect item;

b)  state why the item is incorrect, inaccurate or incomplete;

c)  state how and why you wish it to be corrected.

The Federal Trade Commission has a sample letter located at:  https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

4. Mail the dispute letter by certified mail, return receipt requested

It can take up to 45 days for a response.

5. Find out if your credit is fixed after the dispute

Apply for credit and see who denies you or offers higher interest. Keep proof of the denials. They can be used in a Fair Credit Reporting Act complaint.

6. Work with a competent lawyer

If your credit report has still not fixed, you have the right to file a lawsuit against the credit reporting agencies and the credit issuer for the erroneous information contained on your credit reports. Cossitt Law can provide assistance in resolving incorrect and erroneous information on your credit report.

Contact us at (406) 752-5616 to schedule a consultation.

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