Whether you’re planning to file bankruptcy or have already filed, it’s important to examine your credit reports. If you have multiple accounts listed on your credit report, you may be able to remove some of them. This cleans up your report, and it also makes it much easier to see where you really stand. If nothing else, potential lenders can see that you are actively working on your credit. Removing creditors and incorrect information from your credit report before and after filing bankruptcy can be helpful in getting your finances in order.
Always consult with your attorney before trying to have an account removed from your credit report. It may be something that you need to include in your bankruptcy. Alternatively, you might fight to get it removed, only to have it show up after your bankruptcy is discharged. You can read more about bankruptcy in Florida here (http://www.zerodownbankruptcy.com/).
File a Dispute
If you have an account on your record and you did not procure this debt, it needs to be removed as soon as possible. You can do this by asking the company to review the account and acknowledge that it is not yours before you have it removed. You can also file a dispute with the company that manages your credit report. They will look into the account and either verify that it belongs to you or remove it from your report. In many instances, you can dispute incorrect information online.
Offer a Settlement
Some creditors will take a fraction of what you owe in order to close out the account. However, they may not list the account as closed, but as a charge-off. If it is listed as a charge-off, this reflects poorly on your credit report because it tells lenders that the company took a loss on your account. If you make arrangements to settle the amount, be sure that you have a written agreement that the account will be listed as closed instead of as a charge-off.
One of the most important things to do when dealing with creditors, whether you ask for removal or you offer a settlement, is to make sure you receive all agreements in writing. Click here to read about Chapter 7 bankruptcy (http://www.zerodownbankruptcy.com/Chapter-7/).
Examine Account Information Thoroughly
It is possible for items to “fall off” of your report over time, but it is not as easy as you may have heard. When the company makes no effort to collect and there is no communication between you and them after several years, it may just disappear from your report. However, it could reappear as soon as the company begins collection efforts again. In any event, it’s important that you examine all of the accounts on your credit report if you either are preparing to file bankruptcy or have already filed.
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