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After bankruptcy, consider asking to remove items from your credit

On Behalf of | May 2, 2022 | Bankruptcy

When you decide to go through bankruptcy, you know that there may be some negative impacts on your credit score. What you might not think about is how your credit report will retain information for many years to come.

The good news is that at least some of those items may be able to be removed from your credit report. For example, if you settle several debts during bankruptcy but they still appear on your credit report, you may be able to dispute those items and have them removed.

Why do this? If you can have negative line items removed from your credit report, you may be able to improve your credit score and help yourself qualify for credit, loans and other financial supports sooner.

It’s possible to remove negative items from your report

If there are negative items on your credit report, it’s possible that you could be able to remove them. To start with, you’ll want to get copies of all your credit reports from the three major credit bureaus: Equifax, TransUnion and Experian. After you do that, review the report and look for anything that has been paid off, settled or eliminated previously. The record of a paid-off debt is sometimes not removed appropriately, so doing this helps keep your credit report updated.

You should also check to be sure that all the records are accurate. If there are debts you don’t owe or that shouldn’t be in your name, you may want to look into why those are present and if you’re a victim of identity fraud.

Filing a dispute could help boost your credit

Once you review the paperwork, make sure to file a dispute if you find anything wrong. Doing this may help have those old or incorrect records removed, so you can boost your credit score sooner than waiting for those accounts to fall off.

If you’re going through bankruptcy now, remember that you can wait for the bankruptcy to be listed on your credit report and then begin addressing any debts that have been dismissed but that still remain on it. Doing that will help your credit score improve and may give you the opportunity to get credit sooner.

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