Bankruptcy Credit Repair – Report Tips for People on the Edge

If you’ve gone through a recent bankruptcy, or are wondering

how your credit is going to look if and when you need to

file, the following article should hopefully shed a little

more light on what you will need to do to get your report

pointed in the right direction.

While no derogatory items on your credit report are good,

obviously there exists a hierarchy, or sliding scale of red

flags when a potential creditor looks at your score. One of

the worst things they can see, obviously, is a previous

bankruptcy. For the very same reasons you filed bankruptcy in

the first place, ( more than likely to settle your debts for

a fraction of their high balance ), is the exact reason

that new creditors will be more apprehensive about giving

you credit in the future. No one wants to get stuck with

settling for pennies on the dollar when the lend money, and

regardless of how big and impersonal they may seem on the

outside, that includes your bank!

Now, with that said, there are some advantages as well. Due

to the time limitations that apply to bankruptcy, you are

actually less of a risk to re-file than the average new

credit consumer, so in some cases, you may actually have an

easier time getting new credit than you expect. Also, and of

course depending on the type of bankruptcy you file, you

will have a much “cleaner” slate than most, and after a few

years of maintaining a positive ( even small) credit

history, you will ironically find your FICO score may even

be higher than friends of yours who carry high credit card

balances, yet, have never even had one late payment.

Strange, but very true!

As far as the actual credit repair process, a bankruptcy is

very simply approached in the very same way as any other

negative information, and is disputed using the very same

methodology that would be applied to other items. Often

times, due to the nature of public record information, you

will actually find it easier to find inaccuracies and

erroneous tidbits within the file itself, making these sorts

of records actually EASIER to remove from your credit report

than simple 30 day late credit card accounts.

While your primary concern should always be for your

financial health and wellbeing in the present moment, and a

bankruptcy is not designed to be a pleasing thing, if your

situation warrants it, it can provide a much needed relief

from the financial pressure that you may be feeling. And

again, while you should never approach a bankruptcy from the

standpoint of the ease of removing it from your credit

report later in time, do know that much like the tens of

thousands of other negative items that consumers like you

and I remove from OUR OWN files on a regular basis, a

bankruptcy is no different, and with the appropriate amount

of know how, can be disputed with the very same techniques.