How to Rebuild Credit

According to the lawyer of Duncan Law , Rebuilding credit after bankruptcy there are no laws prohibiting the debtor to establish a new bank account during or after the bankruptcy case . Some customers who owe money to the bank before the bankruptcy discharge may find that the bank is willing to open a new account , though , because many financial institutions to prevent a customer from maintaining existing accounts or open new accounts , if the debt has not been paid the rest . If a customer makes checking or savings accounts at the bank and also holds a loan with the same institution , Duncan Law recommended the establishment of a new examination or savings account at a different bank before filing for bankruptcy protection , but notes that consumers usually can open a new account at a different bank , even after going through the bankruptcy process .Credit reporting
A bankruptcy case , according to legal experts in the Law Moran , can remain on a personal credit report with the major credit bureaus for 10 years . Although the bank can check the customer’s credit history when you open this type of account , many banks do not consider this type of information when you create a new check or savings account . Instead , banks often assess previous history of banking clients , access the report from the reporting agency known as ChexSystems , ChexSystems according to the official website . Independent consumer credit report , dealing with debt and repayment , ChexSystems data shows the story of a client’s activity is not sufficient funds , overdrafts and bank charges paid . A client who has a file with a negative ChexSystems may experience some difficulty in establishing a new bank account .benefit
Bank customers who make a new account after bankruptcy can use the account to begin rebuilding credit . The Bad Credit Advisor notes that the creation of a bank account can help you build relationships with financial institutions and banks may be more willing to issue a credit card account holders unsecured , although past experience bankruptcy . In addition , many credit card issuers require the cardholder to maintain a checking account or savings .consideration
In establishing a new bank account after bankruptcy discharge , consumers should be careful to ensure that the account is not be revealed . The Bad Credit Advisor notes that the bank may refuse to honor the payment of the account is overdrawn , and humiliated payments may thwart efforts to rebuild credit . Consumers who want to maintain their existing bank account during bankruptcy proceedings should consult with a lawyer , too , because Duncan Act lists various exceptions that allow the reporting of bankruptcy law to keep their accounts have been open .see more abaut rebuilding credit at