Bankruptcy Credit Report – Tips and FAQ's

Bankruptcy Credit Report – Did you know that you can easily have a 750+ credit score, just 2 years after discharge (bankruptcy) and still get a mortgage.

How? you ask: Well you just need a fairly good reason for the bankruptcy. Such as the following: becoming redundant and unemployed. You may have had a medical issue or health problem. A business failure would also stand.

What to be aware of? A big problem which is also very common if you've been bankrupt is that creditors will routiniously violate the discharge order (bankruptcy) and continue to report the discharged accounts as being charge-offs, with delinquent balances. This means that your name is not clear and you will continuously be punished when you should not be. The US Supreme Court States That: "One of the primary purposes of the Bankruptcy Act is to give debtors a new opportunity in life and a clear field for future effort, unhampered by the pressure and discretion of preexisting debt."

What to Do? Firstly, If you do find any incorrectly reported discharged accounts on your credit reports then you need to contact your bankruptcy attorney for assistance. But how will you know if there is incorrect reporting on your account? you need to study it methodically.

Just like you study your Credit Card routinely you need to get copies of your credit report and study them for fraud or incorrect information. One of the other problems you may encounter if you've been bankrupt is that Creditors will often continue to access your credit report and most likely lower your credit scores. This is against the law.

Creditors do not have a permitted purpose after the discharge. Your rights state that you can ask for $ 1,000 for each violation. Each past creditor no longer has a valid claim after the discharge as you've settled with them. The creditor should have been informed of the discharge so there should be no reason for them to still be accessing your report and ruining your credit score.

Credit Report Alert The best way to check if credit is still accessing your file or you are a victim of identity theft (becoming a victim of identity theft after you have had a bankruptcy will result in terrible damage to your report that may not ever be able to recover full) Credit Report Alert.

How the Alert Works: It's very simple – you get alerted anytime there's a change on your file – normally within 24hours. Or you can get weekly alerts for any info changing on your report – they can also come with insurance for fraud – ranging from about $ 2500 – to $ 50,000. Typically ranging from $ 5 to $ 20 – well worth the money.

Here is some of the information that's included in the alerts: Any new inquiries will be noted and there will also be an alter for late payments, any Improvements in your file. Any new reserve location details will be noted such as new addresses, and any new accounts opened in your name.

I hope this gives you an idea of ​​what to be aware of with a Bankruptcy Credit Report – be sure to check your details and make sure reporting s done correctly on your report.

To get a Free Credit Report today with security Alerts check out: []

Source by Justin Fox

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