Even though a bankruptcy can significantly impact a consumer’s credit report, all hope is not lost. Within two years after a bankruptcy, consumers can qualify for a new mortgage loan. This is not possible if your credit report contains inaccurate information as a result of the bankruptcy. Taking the time to fix your credit report after a bankruptcy will help you financially bounce back more quickly.

1. Step 1

   Read through your credit report. You will want to familiarize yourself with the contents of your credit bureau report prior to working on a plan to fix your credit post-bankruptcy. Your bankruptcy should be listed in the Public Records section of your credit report. This will remain there for seven to ten years.

2. Step 2

   Verify that the information about your bankruptcy that is in the Public Records section of your website is accurate. If this is not accurate, write down the inaccuracies on your piece of paper. We will be coming back to this piece of paper after you have reviewed your credit report line by line.

3. Step 3

   Confirm that any account that was included in your bankruptcy is listed as such. If an account was included in your bankruptcy but your credit report does not denote this, list this on your paper. Write down all of the account information for every account that was included in your bankruptcy but is not listed as such in your credit bureau report.

4. Step 4

   Review all of the information on your credit report for any other errors. Some studies have shown that 75% of credit bureau reports contain errors so it is likely you will find at least one on your report. List all of the errors on your piece of paper.

5. Step 5

   View the sample credit report dispute form located on the MyFico website. Using this as a guideline, type up a dispute letter for every item that is located on your error list that you created while reviewing your credit report.

6. Step 6

   Mail all of the letters that you have written. Once the inaccurate information is corrected, your credit report will reflect current and accurate information. By reporting accurate information, your credit score will bounce back sooner than if it had contained errors.

7. Step 7

   Review your credit report annually to ensure that the information being reported is still correct.