How Bankruptcy Affects Your Credit Report?
A bankruptcy is considered negative information on your credit report, affecting how future lenders view you. Seeing this on your file may prompt providers to decline to extend your existing credit and offer you higher interest rates. It’s among the most significant negative impacts on your credit score.
It will have a detrimental impact on your credit health, and the effects will vary. For instance, if you have a lower credit score, you can lose between 130 and 150 points. However, the average plummet for a good credit score is at least 200 points. These are massive declines that you wouldn’t want to face, making credit repairing necessary.
How to Settle Bankruptcy
One way that we can tackle the issue is by disputing any errors on the report. Through this, we can remove the bankruptcy earlier than the legal maximum. At The Oasis Firm, we will help you determine if any information in your credit report is misreported, unsupported, or otherwise found inaccurate.
It will be challenging to dispute bankruptcies, and it will take a long time to remove them from your file and fix your credit. And you may wonder, how long will a bankruptcy stay on your credit report? The answer depends on what kind of bankruptcy you have. For instance, Chapter 7 bankruptcy can stay up to a decade while a Chapter 13 for seven years.
If there are no errors, you would have to wait for the statute of limitations to remove the bankruptcy from your report.
Until the country’s largest credit-rating bureaus remove the bankruptcy from your credit report, any lender will know that you filed for it. However, when bankruptcy does fall off your credit report, expect a boost of 50 to 100 points.
How We Can Help
Regardless of the type of bankruptcy you have, we will help you find the best solution for your situation. The next time you search for credit repairs near me in Florida, visit us at The Oasis Firm – and get your issues settled in no time!
Let our years of experience and passion for education empower your financial freedom