Bankruptcy Aftermath: Getting to Know Your New Best Friend After Your Phoenix Bankruptcy—Your Credit Report

One thing that you may hear time and time again in your debtor education courses is to keep close track of your credit report. This serves a few important purposes, only one of which being that you can actively track your credit score improving over time following your bankruptcy.

 

Many people use credit reports to ensure that their banking information and identity has remained safe, and others use it as a way to track their finances and set goals. One important thing that you can use your credit report for after your Arizona bankruptcy case is to ensure that the debts you have had discharged are being reported to (and by) credit bureaus correctly.

 

The FCRA, or Fair Credit Reporting Act, requires creditors to accurately report your debt and payment information to credit bureaus, and in return, credit bureaus must also report that information to you accurately. Occasionally, debts that have been discharged through bankruptcy will still show up on your report.

 

When your discharged debts show up on your credit report, the only thing that they should show is that there is a zero balance, and that the debt was discharged. If the debt has a status showing anything else—such as being delinquent or having a balance—you should dispute the misinformation. These mistakes can cause your credit rating to be lower than it really is, and when you are rebuilding your credit post-bankruptcy, this is the last thing that you want.

 

You are entitled to one free credit report every 12 months from each of the three major credit bureaus: Experian, Transunion and Equifax. Many people will use two or even three of the agencies and stagger their requests so they get a free report every few months. Regardless of how you go about it, staying on top of your credit report and familiarizing yourself with your information can help you take charge of your finances post-bankruptcy. If you have questions about the process, or think that one of your debts is being incorrectly reported, call the Arizona consumer bankruptcy attorneys at Curry, Pearson & Wooten at 602-258-1000 for help today.

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