How to Repair Your Credit Rating After a Bankruptcy
Declaring bankruptcy is a decision that not only affects your finances, but also the health of your credit rating. However, bankruptcy is also an opportunity to start fresh and re-establish good financial behaviours. Whether you have recently completed the bankruptcy process, or are about to go through it, knowing what steps you can take to rebuild your credit afterwards can be helpful. Here is what you need to know:
What are the effects of bankruptcy on your credit rating?
Filing for bankruptcy will immediately give you an R9 credit rating. This rating stays on your file for approximately seven years, or six years from the date of discharge. However, as soon as you are discharged, you can take steps to begin rebuilding your credit rating to improve your financial standing.
Here are a few simple things you can do until the bankruptcy notation is removed from your credit report: