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Credit After Bankruptcy - Three Credit Rebuilding Mistakes After Discharge

Credit After Bankruptcy - Three Credit Rebuilding Mistakes After Discharge
"""Over the past decade, millions of Americans have filed for bankruptcy, and every single one of them wished to re-establish their good credit standing as soon as possible. Unfortunately, the majority of them have made critical mistakes that have lowered their credit score, diminished their possibilities of obtaining post-bankruptcy credit, and put them at risk for additional difficulties.

Here are the three most common errors people make when attempting to reestablish credit after bankruptcy, along with advice on how to avoid them.

You Do Not Attempt To Reestablish Credit Following Bankruptcy. This seems absurd, correct? You want to rebuild your credit, but you do nothing and trust that things will improve on their own.

Solution - Act Instantaneously! You're just emerging from a difficult financial situation, so you need to do everything in your power to improve your credit score as quickly as feasible. Each day of inaction represents a day squandered.

The second error is failing to review your credit report after bankruptcy. How can you know where you want to go if you are unaware of your current location? If you do not review your credit report on the day you emerge from bankruptcy, you will never be able to chart a path to success.

Solution - Review Your Credit Report Immediately And Every Six Months! You must examine each line with a magnifying lens to ensure that each account has been updated to reflect a zero balance and that the debt has been discharged in your bankruptcy. If an account is incorrect, it appears that you have fallen back into debt, which could be detrimental to your new credit.

You do not answer the telephone and read the mail. Occasionally, bill collectors disregard the bankruptcy discharge order. They continue to call and write you in an attempt to get you to pay off your old debts. Not only is this illegal (and you can sue for monetary damages in bankruptcy court), but it may also indicate that old debts continue to appear on your credit reports (there are over 30 credit reporting agencies, and some of these zombie debt buyers and collection agencies park past-due debts on lesser-known reports).

Solution - Be Cautious and Alert! Always answer up the phone, read all of your mail, and listen to all of your voicemails. If a creditor or bill collector is attempting to collect on a discharged debt, you must take immediate action to safeguard your future and protect your legal rights.

" - https://www.affordablecebu.com/

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"Credit After Bankruptcy - Three Credit Rebuilding Mistakes After Discharge" was written by Mary under the Finance / Wealth category. It has been read 61 times and generated 0 comments. The article was created on and updated on 02 June 2023.
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