| After one has been forced to declare bankruptcy for | | | | fixed automatically, but it is up to the consumer to |
| whatever reason, it is a common belief that life in this | | | | "notice" the error and insist that it be corrected. Having |
| world almost comes to an end in terms of finances or | | | | inaccurate information on your credit report can also |
| any future hope of getting credit again. But in reality, by | | | | cause you to have a lower overall credit score, and |
| faithfully following some simple steps and following the | | | | perhaps prevent you from getting the best loan deal |
| correct procedure, getting loans and new credit | | | | possible. |
| approved even after you have filed for bankruptcy | | | | Getting your credit report cleaned up as much as |
| can be done without too many more steps than | | | | possible is going to take time, so if possible, be sure |
| anyone would have to go through. | | | | you allow time to get inaccurate information removed. |
| It is particularly important to "get your ducks lined up" | | | | The laws today state that credit bureaus have up to |
| with the advice offered here, because it will put you in | | | | 30 days to either verify that they information they |
| a much better position. Your goal should not simply be | | | | have on file is correct, or to remove it, and that 30 day |
| to get credit approved, but to get credit approved that | | | | clock does not start ticking until AFTER you have |
| is not at an exorbitant interest rate. The difference in | | | | notified them of an error or inaccuracy. |
| just a couple of percentage points on a car loan can | | | | For a sizeable purchase like a mortgage or a car, |
| still mean hundreds of dollars, and on a mortgage loan, | | | | consider using a loan broker. Loan brokers deal with |
| can mean tens of thousands of dollars that you don't | | | | hundreds of different lending institutions, and they |
| need to pay if you get your homework done first. | | | | should be very familiar with which ones are strict and |
| Your first step is to get a copy of your credit report. | | | | which are more lenient. Your goal is to have the broker |
| And be sure to get a copy of it from each of the "big | | | | understand your situation of having declared |
| three" credit bureaus, which are Equifax, Trans Union | | | | bankruptcy, and find the right lender who can accept |
| and Experian. The reason for this is because some | | | | that situation under the right circumstances and still not |
| creditors may report to all three of them, while others | | | | charge sky-high interest rates. |
| may only report to one or two of them. You can | | | | One of the most important things you can |
| pretty much rest assured that if you are trying to get | | | | demonstrate is a good financial track record after your |
| credit approved for any type of sizeable purchase, the | | | | bankruptcy. That means paying all your bills on time |
| credit grantor is going to check with more than one of | | | | with more than the minimum payment due, even your |
| the credit bureaus, and very likely all three of them. | | | | electric bill and your phone bill. A demonstrated track |
| The other reason for getting a copy of your credit | | | | record of being "financially squeaky clean" in your |
| reports is because, believe it or not, the majority of | | | | post-bankruptcy days will go a long way towards a |
| credit reports contain errors. These errors do not get | | | | lender being willing to give you a second chance. |