Re: bankruptcy

Posted by Poetseal (208.173.148.154) on May 02, 2002 at 15:48:59:

In Reply to: bankruptcy posted by mary newnam on May 02, 2002 at 13:10:33:

It is up to you to clean up your credit report. The credit agencies are nothing but repositories. Cleaning up your credit report is a very intense process and requires months of hard work. If you filed bankruptcy, the credit bureaus will not update your bankruptcy accounts to "included in bankruptcy". It is up to your creditors to update this info and you to dispute it if it is not updated. Including the statement "included in bankruptcy" for each bankruptcy account will help your score (a little) and eliminate deliquencies - if they are reflected during time of bankruptcy. Also, make sure your bankruptcy says "DISCHARGED" with all CA's. This is very important.

BTW, if you need a mortgage fast and don't have a year to clean up your credit report, look into "Rapid Rescoring". This is a process where your lender deals directly with the CA. It is costly (about $30 per line item) but quick, and will raise your score fast.

Good Luck!!!

-p

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