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Bankruptcy is a huge problem for people who wish to apply for loans. It creates a negative impact on credit reports and credit scores. People should be aware that the negative mark created by bankruptcy on credit reports persists on the credit statement for a long period of time. Therefore, it is important to fight bankruptcy.
Learn the facts related to bankruptcy present on your credit report? Filing bankruptcy does not hinder you from acquiring credits but the possibility of credit approval is slim. Creditors and financial institutions review credit reports before granting credits to a person. After bankruptcy is declared, the availability of credit becomes limited and it also becomes a lot harder to be approved of credits as well as loans On the bright side, there are creditors who offer loans after two years of bankruptcy discharge.
? Removing negative marks of bankruptcy from credit reports cannot and do not happen before ten years but there are several ways that can help in improving credit statements. All of these methods are easy to enforce and can give the assurance of good results. ?Rather than simply looking away from credit statements, it is better to follow the proper guidelines that can save your financial status from declining any further. The effects of bankruptcy remain active on reports for ten long years but one should still work on incorporating good financial behavior to improve credit score.
? In a person?s credit history, bankruptcy is present for ten years after the case is filed but not after the case gets discharged. According to the Chapter 13, the record remains for seven years from the time the case is filed.
? The bankruptcy influences and lowers the credit scores by 75 to 150 points. There is no possibility of having the bankruptcy removed from the public records but a steady improvement of credit scores can be of great use.
The three credit reporting agencies are open to giving suggestions and offering help. But, in spite of that, always remember that it is always important to pay bills on time. A good financial history will boost the credit score.
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www.creditreport.com/
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