A bankruptcy discharge provides a fresh start from oppressive debts. But it comes at a cost. FICO scores for people with bankruptcies plummet, and banks, mortgage companies, car finance companies and employers who look at FICO scores can charge people with bankruptcies more interest or decide not to hire them for jobs. There are steps you can follow to get your financial life back on the right track. One of the first things you should do is clean up all three of your credit reports.
Instructions
- 1
Get copies of your credit reports from all three credit reporting agenciesEquifax, Experian and TransUnion. You can get one free copy of each report per year (in some states, you are entitled to two copies per year). If you filed Chapter 7 bankruptcy, wait at least 60 days after your bankruptcy discharge date to request your credit reports because it can take the bureaus that long to post changes. If you filed Chapter 13 bankruptcy, wait until you have made your third payment (typically 60 to 90 days) to request your credit reports.
2Once your credit reports arrive, sit down with your bankruptcy paperworkespecially Schedules D, E and F (which list the secured and unsecured creditors included in your bankruptcy discharge) and make sure they are all listed properly in your credit reports. Also check to make sure your name (or names), addresses and places of employment are listed correctly on the credit reports.
3File disputes with the credit reporting agencies. Send letters to all three agencies and attach copies of your bankruptcy schedules to dispute incorrect creditor listings. You should also dispute erroneous addresses, names or other information.
4Review credit reports againgenerally about 60 days after filing a dispute. If changes werent made, go through the dispute process again.
5Once your credit reports are in good shape, check them once a year.
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