If your credit card gets complimented with a bankruptcy mark then your scores would definitely suffer. Though many service providers claim that there are numerous ways which can help you to remove the bankruptcy mark from your credit card. As per the federal law the history of bankruptcy cannot be erased. However with the support of proper financial management you can at least reduce the negative impacts of this factor. Further, if your credit card has been complimented with the bankruptcy factor then you must remain happy with the unsecured type of loans.
* How to clean bankruptcy from your financial statements?
In most of the cases the credit report would show the bankruptcy filing for as much as up to 10 years but in some cases the reporting agencies would definitely remove it after 7 years. Actually when this factor compliments the credit card then it becomes hard for the concerned person to avail them at the best interest rates.
In order to clean bankruptcy from the financial statements, one can check out the following tips:
* Contact the Prominent Credit Bureaus: The first step that you need to take is to contact the three prominent credit bureaus i.e., Equifax, TransUnion and Experian. You can get a free report from them and moreover as per law they are compelled to issue free credit report on your request. So don’t waste time and check your financial status as soon as possible.
* Check out for Mistakes: It has been witnessed that most of the time these reports come complimented with numerous mistakes due to computer glitches or they might be mere human errors. Further, in order to correct those mistakes as per Fair Credit Reporting Act you can get the necessary corrections done by using a ‘Request for Correction’ form.
* Get your Credit Report Updated: After filling up the request form you can exercise your right of asking the bureaus to check all those unwanted errors. The bureaus would necessarily erase all the incorrect information. In fact, you must try to keep your credit report updated and take necessary steps to enhance it.
