Getting A Credit Report Before You File For Bankruptcy
When filing for bankruptcy you will need to list every debt you have, not just the ones you can remember. This can be difficult, especially if you have defaulted loans that are a year or so old and the agency has stopped harassing you. Just because they stop harassing you doesn’t mean you no longer owe the debt.
Getting a full copy of your credit report from the credit reporting agencies can be a big help in listing all your debts. These reports are fairly accurate except perhaps for debts acquired during the preceding three months, or debts that you have defaulted on during the last three months.
Your credit report has information such as when the debt was defaulted, how much was owed at the time the debt was defaulted, when the debt was first acquired and of course who currently owns the debt (the last being important since some companies buy and sell overdue accounts).
There are three major credit reporting agencies and you should obtain credit reports from each of these. The three agencies are Equifax, Experian, and Trans Union. They do not share information so you will need to get a copy of your history from all three.
Credit reporting is not foolproof so check each report carefully for any errors. If you find errors, report them to the credit reporting agency as soon as possible. If you are considering bankruptcy, the last thing you need are debts registered against your name that are incorrect. Try to fix these errors before you file for bankruptcy. You should also be aware that all creditors that appear in your credit reports will be advised of your bankruptcy petition and invited to participate. This could also include challenges to any discharge of debts.
Consult a bankruptcy lawyer before commencing any bankruptcy proceedings – they can help you get through the process with as few hassles as possible.
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