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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Specifics on how to rebuild your credit after bankruptcy.

I would like to know specifically what things I can do to rebuild my credit. Not sure whether it’s actually 6 or 7 years that a bankruptcy stays on your record but either way, it’s a very long time to sit and wait for your life to start again.

Instead of sitting around and waiting, I would like to be proactive and start doing things that will get me back in the green ASAP. I also would like advice on credit reports – what can be changed and what can’t. I contacted an auto financing company to see if they would remove the item from my report because it had been dealt with through the bankruptcy in 2000 and they said they won’t touch it. Why are some things left on and some things taken off after the bankruptcy. What can I dispute and what can’t I dispute?

Thank you.

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One Response to “Specifics on how to rebuild your credit after bankruptcy.”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Your credit rating will reflect an R-9 for 6 years from the date you were discharged from bankruptcy. Once you are discharged from bankruptcy you can begin to rebuild your credit, perhaps by getting a secured Visa card. You give Visa a $1,000 security deposit, and you get a Visa card with a $1,000 limit; this access to credit begins to re-establish your credit, and increase your chances of qualifying for additional credit, such as a mortgage.

The key to regaining your credit is proving to the lender that you are responsible with money. Saving money is the best way to do that, and it gives you money to use for a down payment on a car or a house in the future.

For more information on the rebuilding credit process you can go to the following link: Credit Repair