A bankruptcy is a black spot in the credit reports and one may want to remove it as soon as possible. Most of us may think that it is impossible to remove the spot, but there are ways to handle this. Let me tell you.
One may have the idea that a credit bureau will be investigating or verifying your records. But the truth is they never do that. The investigation of those public records is never done because the consumer may file a case for financial damages and that may lead the credit bureau team into big trouble. Proper investigation by most of these bureaus is not done and also most of them get sued by the consumers.
Removing the bankruptcy reports from the credit track record is a very painful process and if one is lucky enough to remove those bankruptcy chapters then the credit bureaus may me unable to find it. To know more about the process of verification, one can check with courts and find out. In fact the court just passes the orders for verification; the work is being done by the credit agencies that are authorized or licensed by the court for conducting the investigation. One can also ask the court to give the writing about the credit agencies who have verified the account and the manner in which it was done.
One can check the credit reports time to time in the major reporting agencies like Experian, Tran's union and Equifax's after a long period say around 7 years. Then one can see that the reports have been removed from the records. As it is removed, one can check the credit score whether it has been raised or not?
All credit cards needs to be closed at the time of bankruptcy since the payment to these cards are also reflected in the records. One can go for a one time settlement of the same and clear of all the pending payments at one stroke. All the debts needs to be cleared within a short period of time to increase the chances of getting higher credit score later. One should aim for a good old history of credit report.
One can request the credit verification agencies to share a credit report so that it will give a good understanding on the situation. The other way to clear of those disputes in the credit reports is having a personal interaction with the creditor and take a written proof that the dues has been settled and nothing pending is left.