Addison, Texas Bankruptcy And Your Credit Report
You may believe that the word ‘bankruptcy’ means devastation for you and your credit score. You may think that when lenders see the bankruptcy on your credit report, they will want nothing to do with you. You may also believe that your financial life is over.
That is, until you consult an experienced bankruptcy attorney to find out the facts.
While it is true that a bankruptcy will stay on your credit report for a 7 to 10 year period, it is NOT true that you will never be able to get credit again. In fact, quite the opposite. Many people have found that in the 2 years following filing for bankruptcy, their credit scores are improved and they are viewed as a lower credit risk than before.
For an evaluation of your particular situation, and to find out which bankruptcy is right for you, contact Addison bankruptcy attorneys Allmand and Lee.
Bankruptcy and the Credit Bureaus
After you file for bankruptcy, it is crucial for you to keep an eye on your credit reports. Contrary to what you may have heard, the credit bureaus work on behalf of creditors, notconsumers (you). In truth, they have little impetus to update your report, unless you give them a compelling reason to do so.
In the final analysis, it is the responsibility of the credit bureau to verify whatever information is in your credit report. If they are unable to verify it, then they must remove it. You also should know that the credit bureaus do not scrutinize or investigate public records.
Even though credit bureaus may lay claim to verifying records, they do not actually do so. At the same time, it is your responsibility to make sure that the information in your credit report is accurate.
Your financial future depends on it.
Keep Track Of Entries
It is of great importance to keep track of your credit report entries. If there happens to be any inaccuracy in the records, you have every right to have it corrected. You have to be persistent in this and follow up to check that an item that you are disputing has been corrected.
Your credit report is the first thing that a lender scans thoroughly to determine your credibility.
Obtaining a Car or Mortgage after Bankruptcy
When you file for bankruptcy, it is to give yourself a fresh start when it comes to applying for a car loan or a mortgage. But this can also lead to new problems - it would means having a lender going through your credit report and assessing your credit worthiness.
So to see that things are in order and that your credit report carries nothing adverse, you should look into it from time to time. Ultimately, you are responsible for checking to verify that your reports are accurate and correct, and that any incorrect information is deleted.
Dealing With the Credit Bureaus
Most credit bureaus can be very difficult to work with. It will take a fair amount of patience to deal with them. If you do find inaccuracies, correcting your report may require some amount of time, but it is well worth the effort.
Your credit report is a vital document for you to keep track of, especially in the first few years after filing for bankruptcy. Make sure that your report does not contain incorrect information, only that which is true and up to date.
Dealing with the issue of credit can be very stressful, both during and after filing bankruptcy. To find out what your options are, and for a free consultation, contact Addison bankruptcy attorneys Allmand and Lee. Our practice only deals with bankruptcy filings – and as a result, we have a combined 20 years of experience.
Let us put our expertise to work for you – and put an end to your financial worries.
To get immediate financial relief, or for more information on the best bankruptcy attorneys in Addison, Texas, call us at (214) 265-0123 or fill out our private no obligation 
Topic: Addison, Texas Bankruptcy And Your Credit Reports
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Addison, TX 75001-3321
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