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Credit repair is important in Rhode Island. Your credit score affects all of your financing expenses. A poor credit score can cost you hundreds of dollars in higher interest payments every month. In cat we can help you improve your credit score usually in 45 to 60 days. An important part of financial stability is how to repair credit to maintain the highest credit score possible especially in Rhode Island.

Compare: Chapter 7 bankruptcy, Chapter11 bankruptcy, Chapter 13 bankruptcy

Repair Credit How long does a bankruptcy stay on your credit report?

The length of time you’ll see a bankruptcy stay on your credit report depends on what type it is. A Chapter 7 bankruptcy remains on your credit report for 10 years while a Chapter 13 bankruptcy remains on your credit report for just 7 years.

However, contrary to popular belief, bankruptcies can be removed from your credit report early and you can get credit after a bankruptcy. You do NOT have to wait up to 7 or 10 years before being able to get a mortgage, car loan, or any other type of credit again. In fact, it usually only takes a few years to be able to get access to loans and credit cards again. But that can seem like a long wait when you need cash upfront. Plus, once you do start to qualify again, you’ll still be paying extraordinarily high interest rates.

Rather than getting stuck with high interest rates and low balance maximums, work on negating the effects of bankruptcy as much as possible. Between disputing the bankruptcy itself and taking concrete actions to rebuild your credit, you can get much better offers for credit cards and loans. One mistake doesn’t have to set you back financially for the next ten years. Read on to find out the various ways in which you can recover from having a bankruptcy on your credit report.
Can credit repair help you in Rhode Island to achieve financial stability? Repair Credit 1. Check your credit report for inaccuracies on the bankruptcy entry

In this step you’ll need a copy of all 3 of your credit reports. This is where having a credit monitoring service comes in handy. The first thing you’ll want to do is look over the bankruptcy entry on your credit reports very closely. What you’re looking for is anything that’s inaccurate. If you find inaccuracies, then promptly dispute the bankruptcy entry with the credit bureaus.

The best case scenario is that they’ll be unable to verify the bankruptcy and remove it from your credit report. This is unlikely if it’s a recent bankruptcy. Nonetheless, if it happens, then great, you can skip the other steps. If the bankruptcy is verified by the credit bureaus continue to the next step.

2. Send a procedural request letter to the credit bureaus

If the bankruptcy is verified by the credit bureaus, you will next need to send them a procedural request letter asking them who they verified the bankruptcy with. The best way to write a procedural request letter is to use my sample letter here.

More than likely the credit bureaus will respond and claim that they verified it with the courts. This is more than likely not true, because in most cases it’s my understanding that the courts do not verify bankruptcies for the credit bureaus.

3. Ask the specified courts how they verified the bankruptcy

Next, as you might have guessed, you will need to contact the courts that were specified by the credit bureaus. Ask them how they went about verifying the bankruptcy. They will probably say they didn’t verify anything. Ask for that statement in writing. After you receive the letter, mail it to the credit bureaus and demand that they immediately remove the bankruptcy as they knowingly provided false information and therefore are in violation of the Fair Credit Reporting Act. If all goes well, the bankruptcy will be removed.

Again, this process can be extremely difficult and time consuming, and there is no guarantee that it will even work. The nonetheless, it might be worth a try if you’re up for it.
Credit Repair