The Net is the most cancerous form of spreading scams and malwares. Recently, there have been instances of internet scams that promise a quick relief by getting rid of the bankruptcy details from your credit report. They are there to take advantage of the honest debtors who want to start afresh. First and foremost, inclusion of bankruptcy in your credit report can give you sleepless nights.
The Fair Credit Reporting Act (FCRA) is a federal law that allocates for the collection and reporting of the consumer information. The motto of this law is to promote accuracy, fairness and privacy of an individual's credit information. The credit agencies maintain your bankruptcy filing as a public record and the law enables them to keep this information on the report for up to ten years.
Getting bankruptcy removed is quite a tough task at hand, but you can go about doing it if you follow and keep in mind a few things. Enlisted below are the “legal ways†in which you can remove bankruptcy from a credit report.
Play the Patience Game: Yes, you will have to wait for ten long years. According to the FCRA directions the credit agencies remove the information of your bankruptcy case ten years after “the date of entry of the order for relief.†This means that ten years from the date you filed bankruptcy, it will be removed. Some are of the opinion that the time period starts from after you get discharged or after the case gets closed. This is not the actual scenario, though. Contact a California bankruptcy lawyer for all your queries.
Manual Request to Remove the Bankruptcy information: The credit reporting agencies can be instructed by the FCRA to remove the bankruptcy information. Every agency has its own set of policies regarding the tenure for which it reports a bankruptcy case as a public record. For example, many agencies remove Chapter 13 Bankruptcy information after 7 years. For more detailed insight you should get in touch with a California Chapter 13 bankruptcy attorney.
Wait for Two Years: This is an easy and convenient method that can be followed. This is due to the fact that after two years, the bankruptcy documents are converted to microfiche, making it all the more difficult for credit companies to get the bankruptcy verified. Although the online records from data bases can be used for verification, you can write an application to each credit bureau. The bureaus (Transunion, Equifax and Experian) have thirty days to verify each and every detail of your disputing the bankruptcy. There is a probability that information related to your case won't get verified within the time limit, thereby forcing it to get removed from the credit report.
Don't Delay your Payments: You can in the meantime start restructuring your credit by making on-time payments and lowering your debts. Many creditors are of the impression that they follow the recent scenario and look at the current history instead of pondering over the previous filed bankruptcy. This can make you eligible for loans once again and may be at a decent rate of interest.
The above methodology, if followed, can help you save your skin. You should keep in mind that recovering from bankruptcy will take time and a genuine effort from your side. The federal law works according to the information contained in your consumer credit file. So, you should not fall prey to fraudulent companies that offer overnight fixes to your credit report by following malpractices.
This post is shared by Attorneyforbankruptcy.com, which a leading law firm of California. Here you can have detailed information on wage garnishment california law and consumer debt consolidation