Florida Bankruptcy Services - Chapter 7 Bankruptcy Petition Preparation
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727-322-5881
Repair Your Credit After Your
Discharge of Debt is Granted
Is your credit score preventing you from buying a car, qualifying for a mortgage, or
obtaining a job? Do you have debts or judgments that are old,
paid in full, or discharged in bankruptcy still showing up on your credit
report? Have you
tried to get these items removed from your credit report only to be told NO by
your creditors or the credit
bureau?
The number one reason credit reports are inaccurate is because
creditors age debts, that is, they reset what is known as the 7 year
clock. The 7 year clock begins ticking the moment a payment is made on
the
debt. If no payments have been made on a debt in 7 years, it
must be removed from your credit report regardless of whether the
debt was charged off, bought, sold, or in collection.
If you have filed bankruptcy and received
your discharge papers, all debts listed in the bankruptcy must be zeroed
out on your credit report. If this is not done, these debts,
although discharged, are still added to your debt ratio, thus
lowering your credit score.
Why do we show you how to repair your credit?
1. Some credit bureaus are owned by collection agencies!
This is the reason why credit bureaus make correcting
credit reports a long and difficult task. Correcting your credit
is not in their best interest because they usually own or are
collecting for the debt.
2. Filing bankruptcy does not repair your
credit. More often than not balances on debts that have been
discharged in bankruptcy will remain on your credit report for years.
3. Employers use credit reports to disqualify job applicants.
Bad credit has absolutely nothing to do with job performance but
employers seem to think it does because bad credit is the number one
reason people get turned down for jobs, especially jobs handling money
or dealing with the public.
4.
Insurance companies use credit reports to raise your rates.
Did you know that every time you apply for a new insurance policy the insurance company pulls a copy of your credit report? A
low score will raise your rates by leaps and bounds and even disqualify you
from some insurance companies.
Reference Materials
Frequently Asked Questions
Chapter 7 Bankruptcy
Got my Discharge of Debt
Copyright 2008 Florida Bankruptcy Services