Why You Should Review Your Credit Report Before Filing Bankruptcy
You may hear about why it is important to review your credit report annually to make sure information is current and being reported properly to the credit bureaus. But anyone considering bankruptcy should also review their credit report before filing bankruptcy to make sure they include all of their creditors in their documentation and schedules. You are required to list your creditors as part of the filing process, and it can be easy to overlook one, especially if you have not received a recent collection notice from them.
Debtors who want to start the filing process may do a practical task: gather their bills and get them in order to present to their attorney. But, there are reasons to consider reviewing your credit report upon filing. There are debtors known to have limited information about who they owe, especially when they have a bankruptcy consultation. It is at this point you realize you need to be sure of who you owe.
There are debtors who may worry about certain creditors and may overlook or forget another one. Others may not know just how much they owe. A review of your credit report can help clarify confusion and answer questions regarding who is owed. Consumers can obtain one free copy of their report annually as a requirement by the Federal Fair Credit Reporting Act.
Experian, TransUnion, and Equifax are the three agencies that create your credit report. Such agencies make it easier for debtors to request a copy online through their secured website. If you file and realized you have forgotten a debt you can mention it to your attorney. It may still be eligible to be discharged depending on qualifications.