Wednesday, October 22, 2008

Fixing Bankruptcy Errors on Credit Reports

Many people have bankruptcies on their credit report. Very often, the accounts that were included in the bankruptcy are not reported correctly on their credit report and appear as if they are still open (and very delinquent) accounts. This lowers the credit score tremendously. If you have bad credit scores following a bankruptcy, there may just be mistakes on the report.

This is a very easy error to get fixed. You need to send a letter to the credit reporting agencies (TransUnion, Equifax, and Experian) explaining that the account in question was included in the bankruptcy and should be reported that way. Include a copy of the bankruptcy filing papers (which list the accounts included in the bankruptcy) and the discharge papers (which state that the bankruptcy is finished). If you are in a hurry to get it fixed, your mortgage broker can do a Rapid Re-score, which shortens the time to fix the errors from 30-60 days to 2-4 days.

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