5 Simple Steps You Can Take to Rebuild Your Credit after Bankruptcy

Even though bankruptcy has many unwanted consequences for example your bad credit record will stay on your credit report for 7-10 years, but with a little work, you are able to recover your credit even before these negative records finish. Listed below are 5 simple steps to rebuild your credit.



Step 1: Know your current credit status



Order all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. Print each report and review it closely. Try to understand the information listed in your credit reports and highlight any negative records or inaccuracies that are damaging your credit score.



Step 2: Make sure the expiration dates



By law, your bad credit record will remain in your credit report for 7 to 10 years, but the exact expiry date might be different among these 3 reports. Your bad record will still remain at your credit report although you have pay off your old debts and discharge from bankruptcy.



Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. Step 3: Request For Correct On Any Inaccurate Records



If you get incorrect records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to correct your Equifax, Experian, and TransUnion records. Disputing positive information may actually harm your credit scores.



Step 4: Start to create good credits



Since there is no way to get rid of your bad record from your credit report, the best way to improve your credit score is to add good credits and building up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy).



Use this new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you may want to open additional credit card accounts or obtain a loan to boost your credit score even higher.



Step 5: Keep an eye on your progress



Subscribe to a credit card monitoring service or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should get better steadily as you continue to use credit correctly and add new positive information to your credit reports.





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