Post-Bankruptcy, Monitor All Three Credit Reports

Debt Free - Wallace Spalding Law OfficeYour credit report is a record of your credit history. As you rebuild your credit after a bankruptcy, it becomes even more important to monitor all three of your credit reports on a regular basis.

There are three major companies—Equifax, Experian, and TransUnion—that issue credit reports. These credit reports are very similar, with more or less the same major sections: Identifying Information, Credit History, Public Records, and Inquiries.

The Identifying Information section includes your name, address, date of birth, Social Security number, and other personal information.

The Credit History section lists your accounts and their balances, credit limits, late payments, and payment history. This is the most important part of your credit report, as the information here will play a large role in determining your credit score. Because of this, it is vital that the information in this section is accurate. If you find any inaccuracies, you should report them as soon as possible.

The Public Records section shows any lawsuits, tax liens, and judgments against you. It is also extremely important that this section is accurate.

Finally, the Inquiries section shows every person or company that requested your credit report. This includes “soft” inquires from people who wanted to send you something and “hard” inquiries that are done when you fill out a credit application.

If you find errors on your credit report, don’t hesitate to report them. You can report errors by sending a letter by certified mail to the credit reporting agency. The letter should state what is wrong on the report and why.

Six months after your bankruptcy is finalized, you should check to see that all of the credit accounts discharged in your bankruptcy have been listed as discharged.

If you have questions about rebuilding your credit and finances post-bankruptcy, please feel free to give my office a call.

About Wallace Spalding

Wallace Spalding has concentrated in Bankruptcy Law for over 25 years–helping people relieve the burden of debt and getting the results they deserve. He has been recognized as one of Louisville’s Top Lawyers in Louisville magazine in 2008, 2009, 2011, and 2012. Wallace Spalding's Google+ Profile

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