How Important Is Your Credit Report After Bankruptcy?

24 Jul How Important Is Your Credit Report After Bankruptcy?

Afterbankruptcy, is your credit rating really important? The simple answer is: It depends upon your particular situation, and it even might depend on where you live.

Bankruptcyin Southwest Florida is different than anywhere else in the country. In general, your credit report should be important after bankruptcy if you are interested in financing something in the future.

In Southwest Florida, many retirees file for bankruptcy protection, and many of them already have their homes and cars that they are going to keep for the rest of their lives. Accordingly, credit in the future and the state of their credit scores is not as important as receiving their Discharge.

On the other hand, if you do intend to finance a home or a car in the future, then your credit report and FICO score become much more important. I have heard that 50% – 90% of credit reports after bankruptcy are inaccurate. I am not sure what the true statistic is, but I do know that you are the one who must correct the errors. The credit reporting agencies, Trans Union, Equifax and Experian, are not required to make sure your credit report is accurate unless you dispute the improper information.

Receiving Credit after Bankruptcy is not all that difficult, but it does require some time and attention on your behalf.

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Carmen Dellutri is a proud member of the Florida Bar, and he is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. He practices in the areas of Consumer Bankruptcy and Plaintiff's Personal Injury. He is the principal attorney at The Dellutri Law Group, P.A. The firm supports many charitable and civic causes by donating time and much needed capital to our community. Mr. Dellutri and the other attorneys in the firm routinely speak to students of all ages about various legal and societal issues.
  • figment900
    Posted at 10:43h, 27 July

    How much time and what type of attention?