Credit Restoration
The Fair Credit Reporting Act
If you have filed for Chapter 7 or Chapter 13 bankruptcy, you will need to take the next step to begin rebuilding your credit. Mistakes made on credit reports can often cost you in the form of higher interest rates on future credit. You should make yourself aware of the actions that can be taken under the Fair Credit Reporting Act (FCRA).
The FCRA allows individual debtors the opportunity to correct any incorrect information on their credit reports. At The Law Office of Mark B. French, we can help you take action to repair your credit and develop a financial strategy to avoid debt problems in the future.
The FCRA permits you to contact the three credit bureaus on your own to refute any erroneous aspects of your credit report. The three credit bureaus are:
- Equifax
- Experian
- TransUnion
Once you review your report, you can correct any misleading or inaccurate items. If the credit bureau is unable to verify an item, it is required to have the item removed.
Steps to Repairing Your Credit
After bankruptcy, you will want to begin putting into practice solid financial techniques to begin rebuilding your credit. The process of repairing bad credit takes a while, but the result is invaluable.
Credit repair can be accomplished in the following ways:
- Make timely payments
- Obtain a free copy of your credit report from each credit bureau annually
- Review your credit reports
- Dispute any inaccuracies on your credit reports
- Close unused charge accounts
As you pursue the process of rebuilding your credit, you can benefit from our Bedford bankruptcy attorneys' knowledge of financial planning. Credit repair generally takes anywhere from nine months to one year. At The Law Office of Mark B. French, we are devoted to carefully representing our clients through each step of their cases, even after bankruptcy is completed.
Contact our Bedford bankruptcy lawyer today for further information!
