How Can I Remove Bankruptcy on My Credit Report?
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Bankruptcy is the legal process in which an individual declares himself as incapable to pay off his/her outstanding debts. Bankruptcy will be there on your credit report for at least seven years (it may be ten years). It can be removed within seven days only if it is inaccurate or mistaken.
If it is correct, there is no way to remove the bankruptcy until the term is complete. Also, there is no speedy fix available. However, you can simply dispute with the credit bureaus to generate a fair credit after taking the necessary steps of improving your credit scores.
Simply follow the steps that help you to gradually remove bankruptcy from your credit report:
• Ask for your credit report from three major credit bureaus
Simply get the copies of your credit report from all the three credit bureaus. You can get your credit report free of cost once in a year. Keep yourself update with your credit report to remove the bad credit transaction. Figure out where you are standing now and how much you are expected to improve your credit scores in two years. Regular updating will be helpful to repair your credit in a trouble free way.
• To get a secured credit card
If you have little money, you can get a secured credit card. It helps you to gradually pump up your credit scores. You can then raise the credit limit. It will be reported to all the three credit bureaus and repair your credit scores.
• Make prompt payment of your bills
A timely repayment of your bills will be helpful to repair your payment history and then slowly improve your credit scores. Put a reminder or draw up a calendar mentioning your payment schedule. Make sure that all the payments are made on time. Making timely payments will help to get over the bad financial habits and eventually contribute to your bankruptcy.
• All accounts should be discharged in bankruptcy
It is essential that all your checking and saving account should be discharged in bankruptcy with zero balance. No delinquent account should show continuous discharge.
• Maintain correct information on your credit report
It is needed to make sure that all the accounts mentioned on your credit report are yours. Any inaccurate information may let your credit scores turn down. Thus, it is necessary to check that all the credit information is legitimate and accurate.
If any of the information is incorrect, you may the right to remove that negative mark from your credit report by contacting to the three major credit bureaus.
• Send a notification letter to the Credit Bureaus:
To regain a healthy financial life removing the tag of bankruptcy from your credit report, you can use your savings. You can send the letter to all the three credit reference agencies mentioning that you have filed for bankruptcy ten years ago and all the bankruptcy records should be removed. After that, the credit bureaus will let you free from the bankruptcy status within the 30 days.
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