how to get bankruptcy removed from credit report early

Bankruptcy is a process that should be taken very seriously because it will reflect on your credit report for several years. Chapter 7 bankruptcy also keeps its record with the credit reporting bureau for 10 years from the actual filing of bankruptcy. Chapter 13 bankruptcy will remain on your credit report for a total of seven years even though it was just for one year.

It is possible to obtain your bankruptcy removed early from the credit report, but it cannot be done as a rule. Below are some ideas on how one can endeavor to have a bankruptcy discharged early:

Dispute Letters: The Dispute letters are to be sent to both the credit bureaus.

The first step is to write a letter to each of the credit reporting agencies and these include Equifax, Trans Union, and Experian. Give details that you filed for Chapter 7 or Chapter 13 bankruptcy on X date, and the information should only be active on your report for 10 years or 7 years starting from the date you filed.

This is done by formally writing to the credit bureaus, asking them to conduct a reinvestigation and correct the file to reflect the correct removal date. Document your bankruptcy by showing all your documents such as your bankruptcy petition, bankruptcy discharge papers, etc. Which are better to have proof that they received your request, and send letters through certified mail.

The Credit bureaus have 30 days to respond after investigating the claim that you have made. If so, they will write on your file that you are ready for the interview. But if they confirm the file to be correct, the bankruptcy will last for the said period to its complete term.

Avoid Distortions Concerning Your Bankruptcy

In the case of bankruptcy records, if there are any errors or misinformation on the credit reports, these can be easily corrected. However, you still have to wait for the requisite 10 or 7 years for the actual bankruptcy to come through but the mistakes can be corrected for credit.

Some common errors with bankruptcies include: Some common errors with bankruptcies include:

• Failure to file the petition within 90 days from the date of marriage or after obtaining a divorce
  
• In many cases, there might be a mistake made in listing the wrong type of bankruptcy (chapter 7 for example instead of Chapter 13).
  
• Demonstrate the wrong court that handled your case
  
• Display accounts filed under your bankruptcy as being delinquent

Write a dispute to the companies demanding that the erroneous information should be removed, and consider attaching documents that support the claims that the information given is wrong. The sources that provided the erroneous records, including creditors and collection agencies, are given 30 days to reply and correct the data in question. The claim is that every error you find should be erased and fight to get them out of your report. It will also help your credit score since each time you make the dispute, you eliminate the effect of a negative mark on your report.

Sample Letter to Request Early Removal Due to Special Circumstances

In some cases, you may ask for your bankruptcy discharge earlier than what has been anticipated. The circumstances include making mistakes on your report, having your identity stolen and filing for bankruptcy, or being forced to declare bankruptcy because you were a victim of a natural calamity, termination from your job, or an ailment. Your claim should be supported by some evidence and there should be justifiable reasons for the same.

Such excuses can be addressed to the respective branch of the credit bureaus as follows: Please describe your case in the best detail as well as provide full support for your estimate. Once more, retain a record of the delivery of this request and always keep records of the communications and reactions. Any one of the bureaus may opt to suspend or even eliminate it early. This means that the file is deleted from one bureau report, but can stay on the other two bureaus for the same period. However, its removal from one report can do the job of increasing your credit score.

Contact Your Lawyer or Credit Lawyer or Bankruptcy Lawyer

There are some circumstances where it is advisable to seek the services of a credit or bankruptcy lawyer for assistance on how to go about getting a bankruptcy expunged. If you recorded a Chapter 13 and effectively met all payments and have paperwork showing full repayment of debts, creditors, and trustee costs under the established repayment plan, an attorney can assist in achieving this discharge beforehand than the date noted. Other complex circumstances involving a large number of proofs may also require the assistance of a legal professional to avoid a negligent approach to composing the letters and the process with the credit bureaus.

Also, if there is a constant problem with certain creditors who act hostile, constantly reporting inaccurately, or making it difficult to rebuild credit, an attorney can take over handling the case and can deal with the matter legally if needed.

During the period of waiting for bankruptcy, having a good credit score and credit report should be sought.

As mentioned earlier, it is hard to get a bankruptcy deleted once it has been made. However, to rebuild your credit, you can do it as soon as possible with the help of the above tips. The best way to rebuild strong credit over the 710-year waiting period includes: The best way to rebuild strong credit over the 7-10-year waiting period includes:

• Ensure all current debts are paid on time as agreed – rent, electricity, car loans, and any bills, should be paid on time and if possible, through automatic deduction.
  
• Pay off your debts – be careful not to incur other debts during the process of fixing credit.
  
• Ever since you have to pay your bills and manage your own money, you can show the committee you are financially responsible by reviewing your spending patterns and monthly budget.
  
• After a year or so, try to apply for a new credit card that you should use sparingly/pay each bill in full so you can show your capacity to pay back.
  
• Another is to reduce credit application frequency because application checks lower scores.
  
• It is recommended that you enroll yourself in credit monitoring to monitor the improvement.

Check all of your credit reports from time to time. Be alert in challenging any errors or matters on your credit report that will hinder your efforts of reclaiming your scores after bankruptcy. To give at least equal stock returns from here on, one must show good financial behaviors and attendance from here on.

Thus, during the waiting period for formal bankruptcy, consistent application of sound financial management practices helps to restore credit. To be specific, it makes sense to send the letters, where you demand the removal of the bankruptcy, once a year after the filing, to demonstrate to the credit bureaus that you are committed to getting the bankruptcy deleted from your record early. Although it is not easy, it has been done for some of the dedicated-hearted souls. If not successful in several attempts, the bankruptcy will cycle back to its regular timing. During this stage, your rebuilt credit profile and standing get to open up improved chances of approval, reduced interest rates, and improved creditworthiness.

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