Why You Should Check Your Credit Report After Bankruptcy

By: Jennifer Quilter

If you’re thinking, as many do, that there is no reason to look over your report after you’re finished discharging your debts, you would be very wrong. There are a number of reasons why you should look over your credit report after bankruptcy, and chief among them is to help you rebuild your finances for the future.

It is extremely common after you’ve discharged debts for companies not to mark them properly on your report. Instead of saying “included in bankruptcy” as they should, they’ll often leave them marked as open. You need to call the companies and get them to mark them as being included, and all of your balances dropped to $0. Having any owed accounts will hurt your credit further right now, and hurt you in the future. After you’ve finished discharging your score may even go up because you should no longer have any debts, as long as your information is filled out accurately by companies.

The main reason you should check your credit report after bankruptcy is that in as little as two years you can have a good score again if you keep on top of your finances. You’ll have a number of things to do, and it will take time. You’ll need to work on building up a history of on time payments with cards and small loans, but all of this effort starts with making sure your report is accurate.

It is typical for you to have to call multiple times to get them to do this, so a lot of people will give up and decide it’s not worth it. The truth is that this is while you filed in the first place and you’re going to want to get this taken care of, keep calling until this gets changed and save yourself a lot of trouble in the future.

After bankruptcy you have an opportunity for a fresh start, you should check your credit report and make sure these things are taken care of so that you can make that happen.

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