Repair Credit after a Bankruptcy - All you Need to Know- By: Matthew Wierzbinski
The vast majority of people who go through a bankruptcy are told by their lawyer that their credit report will take care of itself or that the lawyer will take care of their credit report for them. Rarely does that turn out to be the case. Most of the time, a bankruptcy will leave items still reporting on your credit report for years and years. Many times creditors will continue to report on accounts that were included in a bankruptcy and they are not allowed to do that. Frequently, those creditors will just fail to update the accounts to show a zero balance. Again, not allowed.
As far as credit repair goes, repairing your credit after a bankruptcy is just about the easiest scenario you could be in. Most likely, you will probably want to write credit dispute letters for everything you included in your bankruptcy. Why? There are two reasons: 1) usually creditors do not respond to these letters since they have nothing to collect from you--this causes the account to be deleted; and 2) because most of the time the creditors are reporting these accounts incorrectly. The second reason is really what affords you the right to dispute the account. The first reason is where the benefit to you lies.
If you had to include a large number of accounts in your bankruptcy, then you are going to have to write a large number of credit repair letters. This can be a pain, but it is well worth your time. You could pay one of the thousands of credit repair companies, but if you look at what these companies really do and how much you will have to pay, you might feel a bit ripped off. Like anything, you have to look at your whole situation. Do you have 3 hours of time to save yourself $600 - $1000? If so, you should look into doing self credit repair. Particularly after a bankruptcy where it is a simple matter of mailing out one wave of credit dispute letters, self credit repair is really the wisest option--and it can be done for only the cost of the postage you'll buy to mail the letters.
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