Some of the most frequent credit questions clients ask of our Bankruptcy Trustees are, "How will my credit rating be affected by a bankruptcy?" "How long will a Bankruptcy stay on my credit report?" "How do I repair my credit report after bankruptcy?" A person s credit rating, or credit score, affects how willing creditors or banks are to extend credit or provide a loan to an individual. A poor credit rating limits one s ability to get a loan or secure financing. When a creditor is willing to lend money to an individual with a lower credit score, the consequence of that is often a higher interest rate or extra fees. Believe it or not, the first step to improving your credit after bankruptcy is to satisfactorily perform your duties while you are bankrupt and receive your discharge from bankruptcy in the prescribed timeframe. Creditors are aware of how long a bankruptcy should take. Individuals who do not complete their bankruptcy on a timely basis are looked upon as a significantly higher risk and it is our experience that these are the individuals who have the most difficulty securing financing after bankruptcy. How Long Does it Take to Get Credit After a Bankruptcy? There are a number of factors that impact a creditor s assessment of credit worthiness, and their primary focus is the stability of a person s lifestyle, the income a person earns, a person s ability to live within a budget, and a demonstrated ability to save or make regular payments. Our credit rating page identifies the five major factors creditors consider before granting credit or extending financing. Most financial institutions have indicated that these factors are a critical component of every financing decision. After bankruptcy, individuals who want to improve their credit rating need to work toward and demonstrate these five factors. People often say that they know they can t get credit until "seven years after bankruptcy". The fact is that there is no magic date when credit is restored. A bankruptcy stays on a person s credit report for six years after they receive a discharge from their first bankruptcy, not seven. Although a Bankruptcy stays on your credit report for six years, this does not mean that you cannot get credit until six years has passed, nor does your credit magically improve after six years. Bankruptcy or no Bankruptcy, you have to build and earn your credit score. We have countless examples of people who have gone bankrupt with us and are able to get financing shortly after getting their discharge. In each case, however, these people have satisfied the five factors identified on our credit rating page. Repairing credit is a function of improving how one uses credit, not erasing bad credit. You can t erase bad credit or eliminate or remove a bankruptcy from your credit report prior to the expiry of six years, but there are steps you can take to improve your credit history and make sure that it is accurate. Improving your credit rating will take some time, and it will not happen overnight. PLEASE NOTE: There are many companies out there that claim they can erase bad credit, or improve your credit rating for a FEE.
Bankruptcy Alberta is Edmonton-based company (Alberta, Canada) with a phone number 7804299000. Our data show that the company is located at the address: 1900-10104 103 Ave NW. The company has a web site: www.bankruptcyalberta.net.
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