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Bankruptcy And Your Credit Report

Michael Agruss

Written and Reviewed by Michael Agruss

  • Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
  • Over 20 years of experience in Personal Injury.
  • Over 8000+ consumer rights cases settled.
  • Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.

Bankruptcy And Your Credit ReportBankruptcy can be an intimidating, complicated legal process; the real purpose behind it is to give people a clean slate, financially. It’s a way for people who have are underwater with their debts to gain some ground again. After you have declared bankruptcy and completed the legal process involved, it’s wise check the accuracy of your credit report. If the information in your credit report proves to be inaccurate, you won’t be enjoying the benefits of a new financial start.Around six months after you’ve received notice that your debts have been discharged in bankruptcy court, order a copy of your credit report, from any or all of the three major credit reporting agencies (which you can do for free at www.annualcreditreport.com). What you want to see on your credit report is a notation of the bankruptcy, all accounts cleared, and no inquiries. In the Public Records section of the report, your bankruptcy should be noted. Chapter 7 filings stay on the report for ten years, Chapter 13 filings stick around for seven. Each individual account (all previous debts and obligations) will appear on your credit report, for up to seven years after the time they first lapsed—but they should each have a zero balance, with notation that the account was resolved in bankruptcy.Inquiries into your credit usually show up at the end of the report, with the date the inquiry was made; creditors, debt-buyers, and debt collectors should not be making inquiries after you’ve declared bankruptcy. Inquiries can have a negative effect on your credit rating; any creditor that pulls your credit history after your bankruptcy proceedings is violating the Fair Credit Reporting Act, and you might have a legal claim against them.Checking your credit report on a regular basis for accuracy—once every six months is a good barometer—ensures you catch any errors that will cost you money later on. If your credit report does contain bogus information, or is being pulled by creditors whom you are no longer obligated to, get in touch with an attorney. A qualified attorney will help you navigate the legal means of fixing your credit report; this is especially important if you have filed for bankruptcy. And, an attorney will also deal with any creditors and collection agencies that are still hounding you.If a collection agency has harassed you, you may be entitled to money damages up to $1,000.00, based on the FDCPA, which has been around for almost 35 years. The FDCPA is a federal law that applies to every state. In other words, everyone is protected by the FDCPA. The FDCPA is essentially a laundry list of what debt collectors can and cannot do while collecting a debt, as well as things debt collectors must do while collecting a debt. Plus, the FDCPA has a fee-shift provision. This means, the collection agency pays your attorney’s fees and costs. Founding attorney, Michael Agruss, has settled over 1,500 debt collection harassment cases. We want to help you, too. 

Submitted Comments

Sal
6 years ago
They call me day and night, about returning equipment I returned a year ago, most recent call was 20 min. Ago, I can't even get up and take my kids to school before these harrassing calls!
Wanda
3 years ago
I was in a chapter 13 and someone got credit cards in my name but the creditor refuses to remove the items from my report. I have constantly disputed them I even had documentation that the account was opened online and they have no proof. I also have an a fraud alert on my credit report to verify before issuing credit. Nobody ever contacted me. SO I end up with Comenity Bank, and Applied Bank putting negative items on my Credit Report.

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