Repair Credit after a Bankruptcy – How To and Why
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 this turn out to be true. Most of the time, a bankruptcy will leave lingering items on your credit report for years and years. Sometimes creditors will continue to report on accounts that were included in a bankruptcy and they are not allowed to do that. Other times, 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 really one of the simplest scenarios you could be in. The process is simple: you need to write credit dispute letters for everything you included in your bankruptcy. Why? There are two reasons: 1) often the creditor will not respond to the dispute since they have nothing to collect from you–this causes the account to be deleted; and 2) because it is usually the case that the creditors are reporting these accounts incorrectly. The second reason is the reason that gives you the right to dispute the account. The first reason is where the benefit to you lies.
If a large number of accounts were included in your bankruptcy, then you will have quite a few credit repair letters to write. This can be a pain, but it is well worth your time. You could pay one of the countless credit repair companies, but if you look at what these companies really do compared to how much you will have to pay, you will probably feel like you’re getting ripped off. Like anything, you have to look at your whole situation. Can you afford 3 hours of time to save yourself 0 – 00? If so, you should look into doing self credit repair. Particularly after a bankruptcy where it is a simple matter of sending out one wave of credit dispute letters, self credit repair is really the best option–and it can be done for only the cost of the postage you’ll buy to mail the letters.
You might also be interested in an online tool that helps you to create all your credit repair letters in a matter of minutes–and which is absolutely free to the public! You can access it, along with video tutorials explaining how to use it, through my website, listed below.
Matthew Wierzbinski is the owner of http://CreditBlossom.com, which offers both written and video instructions on how to repair your own credit. It also offers the public free use of its amazing credit repair letter generating tool, the free and easy Credit Repair Letter Wiz™, which can be found at http://creditblossom.com/Content/LetterGeneratingTool.aspx .
