- 1). You can dispute a false report. If bankruptcy is on your credit history, you will find out as soon as you seek any kind of credit, including renting an apartment. If you know you have a solid credit history and suspect a problem with your credit report, contact one of the credit reporting agencies. Equifax, Experian and TransUnion can supply reports for $40. AnnualCreditReport.com is a government-run website that will supply one free report per year.
- 2). Review your credit report. If a bankruptcy is shown, you will need to provide information detailing why you believe the entry is invalid. If you purchased the report from one of the reporting agencies, they provide on-line tools to initiate a dispute.
Unfortunately, dispute resolution can take time. These agencies may take up to 30 days simply to notify the source that made the entry. Then those originating the entry will need time to investigate the cause of the false entry. Sadly, you have little recourse during this process. - 3). Ten years is the time it takes for a bankruptcy to disappear from your credit history. Assuming the bankruptcy entry on your credit report is legitimate, there is little that can be done to mitigate the consequences. That does not mean that you can't begin rebuilding your credit immediately.
MSN Money's Liz Pulliam Weston reports, "Its effect on your credit score can start to diminish the day your case is closed--if you adopt responsible credit habits." Those habits include paying off other outstanding debts, paying bills on time and not again becoming overextended with debt.
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