Your Credit Score And Bankruptcy

August 15, 2010 | Leave a Comment

One’s credit rating is destroyed after a bankruptcy. However, it can be easier to restore one’s rating after bankruptcy if a little thought is given to a strategy before filing bankruptcy.

Tip 1. Your Accounts.

It’s important that you understand how your credit score is compiled. It is not just a single agency that gives the rating, but data that the agency receives about your credit position from your creditors. This is analysed and your score worked out.

If you can persuade your creditors, and it doesn’t have to be all of them, to stop reporting your credit score with them to the credit agencies, which is perfectly legal, this will have a beneficial effect on your credit rating.

Tip 2. Your Credit Cards.