How to Protect Your Credit Report While Filing For Bankruptcy


If you are considering filing for bankruptcy, it is very important for you to understand that getting legally bankrupt is not an easy solution to get rid of your debts because it has some severe consequences that will make the financial life very difficult for you in future. You will have a very time managing your finances for up to the next ten years at least. Therefore, you have to be very careful before you start the process. You don't need to rush about it. Make sure that you thoroughly understand the various aspects associated with the process and that how it is going to affect your financial life. The idea is to avoid making any mistake that may prove to be a very costly affair for you later. So, take your time and make sure that all your bases are covered. Following are some valuable tips on how to protect your credit report during bankruptcy.

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Obtain Your Reports

Before you go ahead and start filing for bankruptcy, the first step is to obtain the reports from the three major credit reporting agencies, including TransUnion, Equifax, and Experian. The process does not take much time. All you have to do is to visit their official websites and fill out a simple online application form. You will find two main things on the report - a phone number of customer service and a file number. Check out if the reports are missing some important information, such as the details of a specific creditor. If so, call the customer care number and tell them about the same.

Get The Most Up-To-Date Information

In order to ensure that the process for filing for bankruptcy is smooth, you must have the most up-to-date information available. For example, you are strongly recommended to give a call to the collection agency and enquire about the total amount of debt that you owe along with the addresses where they need to send the payment. If the creditors are not taking the services of collection agencies, you should give a direct call to the creditors and find out the required information. You have to be very careful while you do so because they may try to upset you or bully you for the outstanding debts that you owe. Don't let them do that. Just tell them that all you will be calling them back soon.

The last step is to identify all your accounts. For example, you may not find a collection agency or creditor on your credit reports> in such cases, you can get the information from collection letters or billing statements that you may have received. You can locate those companies by searching online. After you gather all the information, you need to provide the same to your attorney before filing for bankruptcy.


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