Make Sure You Dispute Inaccurate Bankruptcy Listings On Your Credit Report
Richard Fonfrias, J.D.
Chicago’s Financial Rescue & Bankruptcy Lawyer
Fonfrias Law Group, LLC
You should look at your credit bureau file often because many times you’ll find that your credit report contains inaccurate information.
This is particularly true when it comes to debts that were included in your personal bankruptcy claim. Some of those debts may still be listed as open, past due or closed, when they should say “included in bankruptcy” and reflect a $0 balance.
Make sure you get a copy of your credit report every year from all three credit reporting bureaus, TransUnion, Equifax and Experian. Each credit bureau is required to give you one free copy every year. All you do is go to AnnualCreditReport.com. Review each report carefully to see if any of your accounts contain incorrect information.
Next, make sure you dispute any inaccurate entries, such as those that list accounts as open or past-due when they were in fact discharged in your bankruptcy filing.
You dispute the entry by sending each credit bureau a copy of the credit report that shows the improper entry. Make sure you send a copy of the bankruptcy court’s Order of Discharge along with your letter.
Upon receipt of your letter, the credit reporting agencies will send your documents to the original creditor, which will either update the listing or tell the credit bureau why the debt is still due. Most often, the creditor will simply update the information and return it to the credit reporting agency.
If your credit report contains both bankruptcy and past-due accounts, the effect on your credit score will be worse than if your report contains bankruptcy information alone. This is why you should make sure and update incorrect entries as you start to positively rebuild credit score after filing for bankruptcy.