Bankruptcy - Credit Report

About Bankruptcy
This report is designed to help consumers repair bad credit and raise their credit score. It does not go
extensively into solving debt problems. But if you are currently in major debt, eliminating your debt
should be you first step in raising your credit score.

In case of a bankruptcy, you should see items saying "Included in Bankruptcy" (BK)
When you are ready to dispute items in bankruptcy, dispute them all at once. This is the only exception to
the rule of "no more than 3 at a time" discussed previously. It's been known that if you keep disputing
bankruptcy again and again, regardless of their reply, they will eventually tire and remove it from your
file.

Easier items to dispute and remove are:

•     Items older than 2 years
•     Inquiries
•     Accounts that had late payments but are now paid off
•     Charge offs
•     Repossessions
•     Settled accounts

More difficult accounts are:

•     Current past due
•     Recent bankruptcy
•     Judgments
•     IRS or state liens
•     Current collections
•     Late payments
The first list is easier because the creditor has been paid or wrote your debt off as a loss. They may not
have the documentation to verify your dispute and often don't care to waste their time.

The second list is more difficult to dispute because the creditors may have your account in their current
files, hoping that they will get paid soon. Also it makes it easier for the credit bureaus to verify these types
of debt than if they were older accounts.

Keep in mind that it's legal for anyone to dispute any item on their credit report, even if the item is
reported correctly. It's your right as a consumer to make sure that both creditors and credit bureaus are
keeping accurate and updated information.

Federal Law requires that credit bureaus verify all disputes. If they are unable to verify a disputed item,
they must remove it from your file.

These techniques to eliminate derogatory information from your report work for several reasons.

Most creditors don't keep files for more than two years. They will either place them on a computer, in
storage or discard them altogether. This means that they will not be able to easily verify your dispute.

Remember that the verification must be your actual signature.
Also many past creditors don't care to waste their time in verifying the accuracy of a credit report since
it's irrelevant to their number one objective of making money.