Before working on restoring your credit, you will need to get a copy of your credit report to see if it is accurate and up to date. Many times, after a bankruptcy, creditors leave derogatory information that should not be there. You first need to make sure that all accounts discharged in your bankruptcy properly reflect "included in bankruptcy," rather than showing all the late, collection and charge-off activity. If any of them don't, be sure to dispute it with each of the credit bureaus.

How to Get Your Bankruptcy Accounts Updated
First, get a copy of your credit report from each of the credit bureaus. Then, for each of the accounts that were listed in your bankruptcy filing, tell the credit bureau to delete all the derogatory information and replace it with "Included in Bankruptcy". Include a copy of your bankruptcy papers listing each of your creditors and the discharge notice.

The following are the addresses to each of the major credit bureaus:?

• Equifax
  P.O. Box 740241
  Atlanta, GA 30374-0241
  www.equifax.com
• Experian
  P.O. Box 9595
  Allen, TX 75013
  www.experian.com
• TransUnion
  2 Baldwin Place
  P.O. Box 2000
  Chester, PA 19022
  www.transunion.com

You may think it won't make a difference, but it can raise your FICO credit scores by quite a bit. I went through that process myself when I bought my last house. My bankruptcy was 4-1/2 years old, but all the derogatory information for each of the accounts was still on my credit reports. Once I updated my reports to indicate "Included in Bankruptcy" for all the bankruptcy accounts, my scores went up significantly and I was able to qualify for the mortgage loan.

Once you have brought your credit report accurate and up to date, it’s time to start working on rebuilding your credit. The following are ideas on how you can start restoring your credit after you have filed for a bankruptcy. If you have questions about debt, credit restoration, credit repair, bankruptcy alternatives and how bankruptcy could affect your credit, contact a bankruptcy attorney today.

Obtain a Secured Credit Card
Obtaining a secured credit card and paying it each month on time is an excellent way to rehabilitate your credit after a bankruptcy. Most applicants, up to 95%, who apply for secured credit cards are accepted, and these accounts are reported to the credit bureaus exactly the same way that other credit card accounts are reported. Only you and the issuing bank know it’s a secured line of credit. As you make your payments on time each month, your credit score will raise. This takes time and patience, but it does work. The following are a few of the banks at which you can apply for a secured credit card:

• First Premier Bank Card Services
  P.O. Box 5524
  Sioux Falls, SD 57117-5524
  Telephone: (605) 335-7321
  Type of Cards: MasterCard and Visa
  Minimum Deposit: $200
  Maximum Deposit: $5,000
  Annual Fee: $69
  Annual Percentag Rate: 19.9% APR
  Printer Friendly Application - https://www.premiercreditcard.com/fees/SecPremierPrintableApp.aspx
• New Millenium Bank
  P O Box 2693
  New Brunswick, NJ 08903
  Telephone: (732) 729-4395
  Type of Cards: MasterCard and Visa
  Minimum Deposit: $300
  Maximum Deposit: $5,000
  Annual Fee: $59
  Annual Percentage Rate: 19.5% APR
  Apply Online - http://nmbplatinumcards.com/newnmb/index.php?id=h31532137h
• Household Bank/Orchard Bank
  P.O. Box 81622
  Salinas, CA 93912-1622
  Toll-free: (800) 771-7339
  Type of Card: MasterCard
  Minimum Deposit: $200
  Maximum Deposit: $15,000
  Annual Fee: $35
  Annual Percentage Rate: 19.65% APR
  Apply Online - https://www.orchardbank.com/hcs/hcsapplication?PLApply&

Visit www.creditcardguide.com for a more comprehensive list of financial institutions. LawInfo's mention and linking to the above-named financial institutions does not indicate any sort of endorsement for these companies. They are just listed for your convenience.

Secure a Small Bank Loan
Securing a bank loan and successfully paying it off is another excellent way to rebuild your credit. Be truthful and honest with your banker about your financial situation. Let the banker know that you are trying to rebuilt your credit and secure the smallest possible loan. You may have better success if you use a savings account as collateral. Make payments for at least 6 months to establish the account before paying it off entirely.

Once you pay off the loan, be sure the bank reports this to the credit bureaus. If you make your payments on time, and particularly if you pay the loan off early, you may be able to get another loan on your signature alone. At any rate, whether the loan is secured by a savings account or not, it will help raise your credit score that you secured the loan, that you made each monthly payment on time and that you paid the loan off successfully.

Get a Co-signer
Ask a family member to co-sign your loan, and be sure you make all your payments on time. Otherwise, the co-signer will be responsible for your loan, which certainly will not help restore your credit or with your relationship with your family member. Successfully paying the loan will help restore your credit and show your family member that you are financially responsible.

A family member may also be willing to add you as an additional card holder to their MasterCard or Visa account. If they do, don’t use the card. Just wait because the payments the family member makes will also appear on your credit report, which will raise your score and make you more creditworthy. This could also help you secure your own card with the same financial institution your family member has it because you can use the joint account as a credit reference when you apply for your own account.

Your Spouse’s Good Credit Can Help
The Equal Opportunity Act of 1975 prohibits credit discrimination on the basis of gender, material status, race, religion, age and national origin. As a result, married couples can request that credit be reported in both names. If your spouse has good credit and is willing to do this, your credit score will improve.

Other Ways of Building Good Credit
The more of these you can achieve, the easier it is to get credit because they are the top eight elements of a positive credit profile:

1. A positive up-to-date credit report;
2. A home with a mortgage;
3. An American Express card and/or Diner's Club card;
4. A job you have held for a year or more;
5. A current or paid off bank loan;
6. A MasterCard or Visa card;
7. A Department store credit card; and
8. A telephone in your name.

These suggestions are just a few of the ways you can restore your credit after filing for a bankruptcy. A bankruptcy attorney could provide you with more information on the effects a bankruptcy will have on your credit and how you can go about restoring it after filing. If you have questions about restoring credit after a bankruptcy, contact a consumer credit counselor. Just run a Google Search for "consumer credit counseling" or a similar term. If you need to file for bankruptcy, contact a qualified bankruptcy lawyer now.