After the bankruptcy process is over, it may be a good idea for residents of Florida to check their credit report to make sure the information is being correctly reported. Because one is no longer subjected to phone calls from debt collectors, it may not seem important in the early days after the discharge. However, some reports suggest that an individual should begin building credit again soon after the bankruptcy is complete.
Understanding what creditors can and cannot report will make a difference as an individual begins the rebuilding process. After a bankruptcy action is completed, everything on the all debts should reflect a balance of zero, and a notation should be included that shows it was involved in the bankruptcy. Furthermore, nothing in the filing should be reported as delinquent past the date of the bankruptcy filing. It is important to note credit reporting agencies may be slow to update such information, so it might be necessary to dispute any inaccurate information that has been left on an individual’s credit report.
One expert recommends that individuals obtain a credit report from all three of the major agencies or acquire a consolidated report. If, after review, any of the companies are reporting incorrect information, the individual may then file a dispute that details what information should be revised.
Bankruptcy is a way for some individuals to gain a fresh start, so it is important to be proactive after the debt is discharged. In order to help individuals understand the complex nature of bankruptcy, a lawyer may provide advice to those who are considering the action. That lawyer may also be able to handle the details of the case so that his or her clients can focus on rebuilding their finances.
Source: Huffington Post, “I Filed Bankruptcy and Creditors Are Still Reporting Delinquent Debts“, Steve Rhode, December 04, 2013