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Credit Reporting Issues After Bankruptcy

Kansas City Bankruptcy Lawyers

Credit reporting is governed through the Fair Credit Reporting Act (FCRA), not the bankruptcy code. The Bankruptcy Code only addresses whether a debt is owed, not how it is reported to the credit bureaus.

Because credit reporting is handled under the FCRA, we cannot address this issue in bankruptcy court. However, we have an arrangement with another firm that handles credit reporting issues in federal district court. If your bankruptcy is being misstated on your credit report, they will help you make sure it gets corrected or they will sue. They also use a no cash up front model and only charge you if they sue and win. If this is the case, they would receive a portion of your lawsuit proceeds, so you do not need any money to get this resolved.

If you want to explore this further you may contact the following attorney who handles FCRA issues; Michael Rapp at Stecklein & Rapp.

Stecklein & Rapp, Chartered

Phone: 913-371-0727 Ext 103 Email: mr@giveyourselfcredit.com

Address: 748 Ann Ave, KCKS 66101 or 1503 Westport Rd., KCMO 64111

The best way to get your credit score up faster is to get an after filing trade line, like a secured credit card. Shortly after the filing of your bankruptcy is an optimal time to start rebuilding your credit. To do this, you must create a new line of credit that is managed well and paid promptly. This will be the only account that will affect your score in the time immediately preceding your bankruptcy filing. We advise our clients to obtain a secured credit card shortly after they file their case. There are many lenders that offer this service.

A secured credit card uses money you place in a savings account as collateral for your credit card. Your credit line is based on your income, ability to pay, and the amount of your cash collateral deposit. For example, if you put $1,000 into a savings account, your available credit line will usually be $1,000. The best way to increase your credit score is to charge no more than 20% of your credit limit (in this example, $200) every month and PAY IT OFF IN FULL AT THE END OF EACH MONTH. Do not carry a balance and do not charge more than 10-20% of the limit each month. A good idea is to use it like a gas card or to charge one of your utilities each month, but be sure to pay off the card balance every month on time. On average, we have seen clients who have used the secured card in this fashion restore their credit within 18 months to 3 years. Usually, they find their score will land between 650 and 700 within that time frame. Good credit does not happen overnight. This process takes time and discipline. However, if you follow these steps you will see your score improve. Additionally, please be sure not to do any of the following, as all of these things will damage your credit as you are attempting to rebuild it:

  • DO NOT apply for multiple lines of credit during this time
  • DO NOT habitually check your credit more than once per year
  • Above all, DO NOT take out other loans and fall behind

Finally, it is always a good idea to run a free annual credit report with one of the three credit reporting agencies, Equifax, Experian, or TransUnion. Visit www.consumer.ftc.gov for more information.

Rave Reviews from
Happy Clients

  • Your entire staff has been very helpful.

    “Your entire staff has been very helpful, courteous and prompt with every question or need that I had. The entire process has been seamless and quiet smooth. It has been a pleasure working with all of you.”

    Mrs. S

  • I am grateful to you for everything you’ve done.

    “Hill, you are worth your weight in gold. Thank you for stepping out there with us on this. I know it was a challenge and a headache at times, but I am grateful to you for everything you’ve done.”

    Mrs. P.

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    “You are so awesome!!! I hadn’t had a chance to call you yet, but obviously don’t need to since you already did this for us. We are very grateful to you and your staff.”

    Mrs. W

  • Nancy was awesome and I felt a sense of relief after I left your office this afternoon.

    “Nancy was awesome and I felt a sense of relief after I left your office this afternoon. I can breathe! Thank you for notifying my car creditor so they don't come and repossess my car!”

    Ms. B.

  • I am pleased with the level of service I received.

    “I must say, I was a little apprehensive and afraid about filing bankruptcy. However, my attorney and his staff were very understanding and willing to assist me with answers to all of the questions I had. The staff showed excellent hospitality when I arrived at their office. I am pleased with the level of service I received, with the step by step guidance and what was to be expected during the whole process. I would definitely recommend Moore and Associates to anyone that I thought may need their services.”

    Ms. R