Filing for chapter 7 bankruptcy leads to a lower credit score. Worse still, it can be seen by creditors for a period of 10-years. Getting approval for mortgages and home loans after bankruptcy discharge may seem like an insurmountable obstacle for the foreseeable future, but this isn't the case. Although there are new rules to adhere to and the cost of borrowing will be higher, post bankruptcy credit can be attained with relative ease. Better yet, provided that future debt and credit obligations are met punctually, interest rates will start to come down within a few years.
Correct Errors for Home Loans After Bankruptcy Discharge
Request a free credit report from Experian, Equifax and TransUnion and check the information provided by each credit reference agency for mistakes. It is important to remove any debts that were included as part of the bankruptcy agreement when they still show as active. These can be corrected personally or with the assistance of a credit repair attorney. The appropriate supporting documentation must be supplied. Allow several months for a credit report to reflect any amendments.
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