Credit Repair – Is It Real?

Many people will tell you that repairing a low credit score is next to impossible. And many free credit score applications and websites will try to convince you that repairing your credit score can be achieved simply by monitoring your credit with their service and going along with their recommendations.

At Todd Cushner & Associates, P.C., our award-winning team of attorneys can guide you through a process that has been proven time and again to effectively repair tarnished credit scores.

Bankruptcy and Your Credit Score

Did you know that successfully filing for bankruptcy can actually boost your credit score in the long run? However, in order to improve your credit score after bankruptcy, there are some crucial guidelines to follow.

Check Credit Reports Regularly for Errors

Checking your credit reports for errors can be a huge factor in successfully repairing your credit score.

  • Make sure that any accounts discharged in bankruptcy have a $0 balance
  • Verify that any accounts discharged in bankruptcy are actually reported as “discharged”
  • Check to see that your bankruptcy filing date is correct. (Bankruptcy remains on your credit report for up to ten years, so a misreported filing date can lead to the bankruptcy remaining on your report for longer than necessary)

When you challenge the validity of the information on your credit report, they must respond within 30 days. If they don’t respond within that 30 day window, your challenges are automatically accepted and your credit score shouldn’t take long to reflect those positive updates.

Going over a stack of credit card bills

Pay Anything You Currently Owe on Time

There is a good chance that not all of your accounts were included and discharged within your bankruptcy settlement. It’s important to continue paying off any accounts that were not discharged in bankruptcy as required. This may also include accounts that aren’t currently featured within your credit report. If you fail to pay these accounts off on time, they could come back to bite you on a future credit report.

Secure New Credit and Build on It

Although it’s tougher to get approved for a new credit card after filing for bankruptcy, there are plenty of viable options available to you. Many credit card companies offer credit cards with terms and conditions specifically meant to help rebuild your credit. One of the most popular options is a secured credit card. Secured credit cards rarely have a minimum credit score requirement, however you must pay a security deposit at some point during the approval process. As long as you make your payments on time, your secured credit card can be converted into an unsecured credit card in as little as a year depending on your specific terms.

Shaking hands over a gavel

Knowledge You Can Rely On

With nearly 20 years of bankruptcy litigation experience, The Law Office of Todd Cushner & Associates, P.C. has the knowledge required to help you successfully rebuild your credit. Contact us to schedule a free consultation so we can help give you the fresh start you deserve.

 
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