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Why You Should Monitor Your Credit Report After Filing for Bankruptcy

March 28, 2022

As soon as you file bankruptcy, it’s time to keep a close eye on your credit report. You should sign up for access to an ongoing monitoring system, like Credit Karma, and check in monthly. Plus, pull your free credit report every four months from one of the three reporting agencies: Transunion, Experian, and Equifax. By doing that, you can benefit in all the following ways.

Watch for Updates on Delinquent Debts

Upon receiving the discharge order from the court, your creditors must report the debt as discharged through bankruptcy. As they do that, you should see the debt entries get updated on your credit report. But you’ll only get to watch that happen if you’re checking your report on a regular basis.

If you notice any debts remaining on your report as delinquent, you can dispute them using your bankruptcy documentation. Then, the credit reporting agency will update them manually to give you a fresh start.

Verify Your Bankruptcy Reports Correctly

The bankruptcy will land on your credit report soon after you get your discharge notice. You’ll need to check the entry to confirm that all the information looks correct to you. The entry may include the bankruptcy type, date, and total balance owed.

You must verify that all the information looks correct, especially when it comes to the date. Otherwise, the entry may not drop off your credit report in seven years from your filing date.

If not, report the errors to the credit reporting agency, so you can get them updated. Check back again after that to confirm that the agency made the changes as requested. You can keep submitting disputes about the entries as needed to get them corrected.

See the Results of Your Hard Work in Rebuilding Credit

Once you know all your bankruptcy entries look correct, it’s time to look toward the future. You’ll want to purposefully build good credit from the start by signing up as a cosigner or getting a credit builder loan.

To sign up as a cosigner, you’ll need a trusted individual with good credit who is willing to help you improve your credit. After that, have them add you as a cosigner on their credit accounts, and then watch as your score increases month by month.

A credit builder loan can also boost your score as you pay off the debt on time each month. You’ll also learn how to keep your finances in good shape, giving you a great foundation for the future. Just be sure to check your score often to verify that the accounts report correctly and keep your score moving in the right direction.

Need More Information About Bankruptcy and Your Credit? Call Today

If you have any questions about bankruptcy and your credit, reach out to our team with a call to 818-855-5950. At SM Law Group, we have the skills and experience needed to help you discharge all your eligible debts through bankruptcy. Then, we’ll help you understand how to best build your credit afterward and enjoy your fresh start to the fullest. So, please feel free to call our team and schedule a free consultation.

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