How to Remove a Bankruptcy from Your Credit Report
A bankruptcy is the most difficult item to remove from a credit report. Bankruptcies are very damaging to one’s credit and will remain on a credit report for as much as 10 long years. However, situations in life can dictate filing for bankruptcy and, if this is the case, then knowing how to remove a bankruptcy from your credit report, or at least knowing how to improve your credit with a listed bankruptcy, is worth its weight in gold.
As soon as a bankruptcy is filed (not discharged), it goes on your credit report. A chapter 13 will remain for 7 years, while a chapter 7, 11, or 12 will remain for 10 years. During that period of time, a bankruptcy listing will dissuade creditors from giving you a home or car loan. It is imperative that you try to remove the bankruptcy from your credit report, or at least clean up the remainder of your report.
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Basically, a bankruptcy can only be removed from a credit report on technicalities. After filing, keep your eye out for any incorrect information which your credit report might contain. Sometimes, the bankruptcy is listed incorrectly, or records are misplaced, lost, or improperly filed and the bankruptcy cannot be verified. In these uncommon instances, it is possible to get the bankruptcy removed.
However, the best way to deal with bad credit from a bankruptcy is to rebuild your credit around it. Most of the other charges listed on your credit report can be successfully removed. Also, after a short period of time from the discharge of a bankruptcy, creditors will consider you for high interest loans since you effectively have no more debt and are seen as an acceptable risk. This is especially true of credit card lenders.
Once you have eliminated as many line item debts on your credit report as possible, obtain a small loan and pay it off as quickly as possible. A $1,000 loan paid off in 3 to 6 months will begin the building process. After you pay that off, get another similar loan and repeat the process.
It is very helpful to hire a credit repair company to assist you with cleaning up your credit report. A good credit repair agency will be able to get most negative items removed, possibly even the bankruptcy, and pave the way for you to begin rebuilding your good credit.
