If you are seeing errors in your credit report, you are not alone. Many people experience credit reporting mistakes. A Consumer Reports survey found that almost 44 percent of participants observed errors in their reports, and 27 percent of those errors were serious enough to prevent them from obtaining a car loan or getting their mortgage application approved.
If you have found incorrect details in your credit report, this post will show you how to fix them. If you would prefer a legal professional to handle the process, our experienced bankruptcy attorney can help with correcting your credit report after bankruptcy filings.
Let us explore how to repair your credit.
Request and Review a Copy of Your Credit Report
Filing for a Chapter 7 or Chapter 13 bankruptcy can significantly affect your credit, which is why you need to work on repairing it afterward. Start by requesting your credit report, but wait about 60 days after your debt is discharged before doing so.
Although you can get this from any local credit union, such as Royal Credit Union, Blaze, or Affinity Plus, it is best to get it from the Annual Credit Report website. You can also obtain it from Experian, TransUnion, or Equifax.
Do a line-by-line audit, going over every detail. Specifically, look for incorrect balances—all discharged accounts must have a reporting balance of $0—identity or personal information mistakes, inaccurate status information, or multiple discharged account listings.
What Should You Do About Errors?
If you find any inaccuracies, you need to collect all necessary evidence of the error and corresponding proof, then send a dispute notice to both the credit bureau and the creditor or furnisher.
Send a certified mail containing relevant, accurate information, and precise details about the mistakes to the credit reporting agency. Once sent, wait 30–45 days for them to investigate the dispute and resolve the errors.
If they have corrected the inaccuracies or mistakes, you do not need to do anything else. Just work on rebuilding your credit by adopting healthy financial habits.
Sue the Credit Reporting Agencies
If the credit reporting agency does not correct the report, you can have a bankruptcy attorney file a lawsuit against them. A legal action will force them to effect the necessary changes in your credit report and could lead to compensation for the emotional distress.
Contact an Attorney To Correct Your Credit Report After Bankruptcy
Declaring bankruptcy can significantly impact your credit score. Still, the impact is temporary, and with good financial habits, you can rebuild your credit score to pre-bankruptcy levels or even better. At the same time, you have to make sure that your new financial status is accurately depicted in the credit report.
The process of correcting your credit report after bankruptcy can be tedious and complex if there are errors. However, our Minneapolis bankruptcy lawyers at Walker & Walker can help. We will ensure that the credit reporting agency corrects all the mistakes, allowing you the opportunity to rebuild your credit.
Contact us to discuss your case.
