How to remove bankruptcy from credit report
Bankruptcy is a huge problem for people who wish to apply for loans. It creates a negative
impact on credit reports and credit scores. People should be aware that the negative mark
created by bankruptcy on credit reports persists on the credit statement for a long period of
time. Therefore, it is important to fight bankruptcy.
Learn the facts related to bankruptcy present on your credit report
Filing bankruptcy does not hinder you from acquiring credits but the possibility of credit
approval is slim. Creditors and financial institutions review credit reports before granting
credits to a person. After bankruptcy is declared, the availability of credit becomes
limited and it also becomes a lot harder to be approved of credits as well as loans On
the bright side, there are creditors who offer loans after two years of bankruptcy
Removing negative marks of bankruptcy from credit reports cannot and do not happen
before ten years but there are several ways that can help in improving credit statements.
All of these methods are easy to enforce and can give the assurance of good results.
Rather than simply looking away from credit statements, it is better to follow the proper
guidelines that can save your financial status from declining any further. The effects of
bankruptcy remain active on reports for ten long years but one should still work on
incorporating good financial behavior to improve credit score.
In a person’s credit history, bankruptcy is present for ten years after the case is filed but
not after the case gets discharged. According to the Chapter 13, the record remains for
seven years from the time the case is filed.
The bankruptcy influences and lowers the credit scores by 75 to 150 points. There is no
possibility of having the bankruptcy removed from the public records but a steady
improvement of credit scores can be of great use.
The three credit reporting agencies are open to giving suggestions and offering help. But, in
spite of that, always remember that it is always important to pay bills on time. A good financial
history will boost the credit score.