How To Fix Your Credit Report Post Bankruptcy If It Shows Active and Derogatory dismissed Creditors

A key drawback for filing bankruptcy is that you will have really horrific credit score and credit report. Instead of feeling hopeless, you can proactively work to restore your credit score through various means. When you have filed bankruptcy, the bankruptcy petition includes a compilation of all the creditors and the debt that you owe. It is extremely crucial for you to make sure that the creditors listed in the bankruptcy petition are precisely represented in the credit report. This is significant because the credit report is like your social security number. You can think of credit report as a way to identify you financially. Most (if not all) of the major financial transactions you will conduct depends on how good your credit report looks. If you are buying a car, house, or even just buying a big ticket departmental store product, it will all ask a credit check to see if you are credit worthy. Your credit history is so crucial because many people and companies based their decisions about you through your credit report.

Once you have obtained the bankruptcy discharge, your credit report should exhibit that you do not have any debt pending with the creditors. You will need to contact the various credit bureaus ASAP if you find any discrepancy with your credit report. Don't wait for someone else to fix your credit report. Take the first step and contact the credit agencies to report the divergence. There are 2 ways to fix the discrepancy with your credit report, one being free but you have to do the work yourself, the other will cost your money but you do not have to do anything.

Option #1: Correct the credit report yourself

The following 3 documents are essential when you are looking to repair your credit report:

• Driver's license


• Social security card


• Schedule F from the bankruptcy petition (this is the schedule that lists all the debt including the name, account number and address of the creditors)

Make at least 3 copies of each of the above documents. You want to testify to the credit agencies that such discrepancy should not be in your credit report. You want to mail these paperwork along with the appropriate dispute request to the credit agencies so that the mistake can be corrected. The dispute request should state clearly that each creditor listed as active or derogatory was included in the bankruptcy petition and therefore should be removed from the credit report. As long as the credit agencies can verify that an actual discharge has been issued, they should update their system to reflect this latest event. No one should care more about repairing your credit report than yourself, so be on top of the credit bureaus until they fix the problem. Even though you have requested for the conflict to be corrected, you want to make sure that the request is fulfilled and completed satisfactorily.

Option #2: Hire a lawyer to fix your credit report

A good lawyer will be able to help you altercate your credit report and clear up any discrepancy.

Whichever alternative you decide to take to correct the credit report, it should reach the same final result. At the end of this, you want to make sure that your credit report does not demonstrate any creditor as active or derogatory. Credit report is your personal identity when it comes to your finances. Don't ruin it again and be responsible financially.

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