How To Get Bankruptcies Removed From Credit Report Early?

How to Remove Bankruptcy Before the Seven-Year Mark

Introduction

Another negative on the list is the fact that bankruptcy can be reported on your credit report for as long as 10 years. This can make it very hard to secure credit since most financial activities, including loans, mortgages, credit cards, and apartments among others require credit checks. However, there are some measures one can take to assist in getting the bankruptcies discharged from the credit reports after several years. This is easily achievable by comprehending your legal rights when dealing with creditors, bargaining for favorable terms with creditors, and using credit repair procedures.

How to ensure a credit report is free from mistakes

The first of these is obtaining credit reports from AnnualCreditReportcom and closely reviewing the bankruptcy sections. Be on the lookout for any wrong information that could include a wrong filing date, case number, misspelled name, or a lot of duplicity. If you can, challenge any errors you discover with the credit agencies. This can assist in reducing the duration through which the bankruptcy appears on your report in case anything is found and fixed.

Also, challenge any other adverse information arising from the bankruptcy, which you believe is included beyond the legal reporting period. It is vital to note that most of the bankruptcies, can only be filed for ten years starting from the time of filing.

Have creditors pre-negotiate to exclude certain assets in case of a sale.

It is always possible to contact the creditors who are reporting your bankruptcy and learn if they are willing to opt for early exclusion. Inform them that you are ready to repay all amounts that cannot be discharged, and to rebuild their credit histories. Creditors have this option to do so under the Fair Credit Reporting Act. Suggest paying for the removal of such data with a regular payment in the agreed-upon period. Ensure that any early exclusion agreements that you sign indicate the time that the bankruptcy deletion will take.

Employ Credit Repair Techniques

Even though such cases are quite rare, there may be situations where the accuracy of the very old bankruptcy listing can be questioned before the credit reporting agencies in case few updates have been submitted by the reporting creditors over the years. Delinquent accounts also fall off credit reports within seven years come hell or high water in bankruptcy. It is also possible to try submitting goodwill letters to creditors if possible. Even nondischargeable debts can be paid off with evidence creditors willing and competent to pay may cease reporting aged bankruptcies in good faith.

You can also make requests to main credit bureaus under the FCRA that require that items deleted over 180 days can only remain on credit reports if they have been verified afresh. Sometimes creditors do not respond which leads to the deletion of the old item.

Secure credit cards – a step-by-step guide on how to apply

Compliance with the rules of the legal and proper usage of secured credit cards where one has to deposit money initially is legal. They positively report the payments to the credit bureaus as stated earlier. In one year to 1 ½ years, you can be eligible for other secured cards with no collateral, unsecured credit cards, and other credit products for further rebuilding of credit. New credit will show on your credit reports responsibly while paying debts may balance out the old listing of bankruptcy.

Try Goodwill Debt Forgiveness

To a certain extent, it is possible to call creditors and, in effect, explain to them that they are willing to let you off the hook for any money owed to them as a matter of altruism. Explain to them that you once declared bankruptcy because of other unavoidable circumstances like medical bills or loss of job but are now stable and paying all your bills on time and for that reason support amnesty for the unpaid balances on old credit accounts. If they do so, the bankruptcy will have less of an effect on reports on one’s credit standing in the future.

Submit Consumer Statement

The general consumer statement is allowed to be as long as 100 words and you can apply that it should be included together with the bankruptcy listing on your credit reports. Utilize this statement to briefly describe previous adversity that led to the past hardship scenario and to assure the readers that one is ready and willing to meet financial obligations in the future. This information about the background and the actions taken for redemption increases the probability of getting a loan and credit.

Conclusion

Assertive, some people can call the bureaux, argue, and delete bankruptcies before the scheduled time or within a few years. That being the case, the correct tactics to make sure that your financial responsibility is shown and consumer rights under the law leveraged are the way to increase your chances of having past bankruptcies erased from your record to rebuild strong credit scores. Using credit repair best practices, while being persistent yet patient, your once financially crippling bankruptcy may disappear into history space faster than you know.

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