Rebuilding Credit After a Bankruptcy

Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney

You have filed a bankruptcy to get a fresh start. Now what do you need to do to rebuild your credit and improve your credit score. Let's take a look at the steps you can take to help rebuild your credit and manage your finances going forward.

The First Step

Before you can begin to rebuild your credit, you need to make sure that your credit report is correct. If you filed a Chapter 7 bankruptcy with us, you should have received a new copy of your credit report within one month after you received your discharge. It is important that you review this credit report and make sure that the information on it is correct. Along with the credit report, you should have received instructions as to what you need to do to correct any information that is not correct.  

If you have loans, such as a mortgage or car loan, that you are continuing to pay on, you may have to challenge the payment information. A creditor is not required to report payments to the credit reporting agencies so they may choose not to report on time payments after your bankruptcy. However, any information that is provided must be accurate. If you dispute the payment status on loans that you have been making on time monthly payments on, the credit reporting agency is required to investigate your claim by contacting the creditor. If the creditor responds, they are required to report correctly. If the creditor does not respond, the credit reporting agency is required to use your information. It is important that you remain current on any mortgage or car loans after your bankruptcy as late or missed payments will only damage your credit report more.

Under the Fair Debt Collection Law, creditors are required to accurately report your account status. If they do not, it is a violation of the law. I have recently partnered with a national law firm, UpRight Law, that handles violations of the Fair Debt Collection Law and Fair Credit Reporting Law. If you have information on your credit report that is not accurate after you have received your bankruptcy discharge, please contact us. We can have your situation reviewed by UpRight Law and they may be able to sue the creditor on your behalf. In many cases, clients recover more from the creditor for the violation of the Fair Debt Collection Act or the Fair Credit Reporting Act than they paid for their bankruptcy. In addition, if a creditor who was listed on your bankruptcy is continuing to contact you about the debt, this is also a violation.

If either of these applies to you, please call us today at 757-320-2010 and we will get you set up with a consultation about your rights.