Bankruptcy may look like a nightmare for many, but the underlying fact is that it offers a bankruptcy fresh start for the debtors whoever complies with the bankruptcy procedures. Bankruptcy is the realistic and practically secured way of safeguarding the interest of the debtor. Yes, it is true that bankruptcy will have an adverse affect on the financial status but an effective credit control and financial planning will help to rebuild the lost financial status. It is therefore highly essential to rectify the post bankruptcy credit report before applying for any further loans and advances. The bankruptcy filer must ensure that the post bankruptcy credit report does not contain any manipulated or inaccurate information .Accurate discloser of the post bankruptcy credit report will support the regain of the lost financial position easily and more quickly.
Listed below are few guidelines for the bankruptcy filers to ensure accuracy in post bankruptcy credit report.
1) Frequent review of the post bankruptcy credit report thus ensuring that there no flaws committed in the credit report information. Rectifying the inaccurate information will bounce back the credit score shortly.
2) A complete review of all the credit reports will help to minimize the errors .This can be done by creating a list of all the errors and writing them in a paper.
3) Compare the bankruptcy report with credit report list. Confirm all the accounts listed in the bankruptcy list is also shown in the credit report list.
4) Obtaining guidance from a financial expert will throw light on many other credit report areas.
5) Clarify all the items listed in the credit report with the credit bureau.
6) Obtain the help of some online resource for the purpose of credit report monitoring.
7) obtain the assistance of credit report bureau in case of any discrepancy in the credit report information.
8) Ensure that all the creditors included in the bankruptcies listed are also included in the post bankruptcy credit report and that the balance shows nil.
Working on post bankruptcy credit report is very essential to obtain new loan and advances. Rectifying all the errors in the credit report will help to get loan at a considerably lower rate of interest. The ultimate responsibility of accuracy and rectification in post bankruptc y credit report lies with the bankruptcy filer. After receiving the bankruptcy discharge papers, the bankruptcy filer should thoroughly scrutinize the information disclosed in the credit report .As in most cases the credit report issued by the credit bureau contains errors and inaccurate information.
Accuracy in credit reporting will have a direct impact on the credit score. Any inaccurate information disclosed or included in the credit report can be discharged with the relevant bankruptcy attroneys.Due care should be taken while scrutinizing the credit report as it may increase the chances of obtaining a loan within 2 years of bankruptcy. A complete review of all the credit report information combined with effective financial control will help to bounce back the credit score of the bankruptcy filer shortly.