Checking Your Credit Score Frequently After Bankruptcy

After bankruptcy, most people are very concerned with their credit score. There is no doubt that filing bankruptcy does result in the drop of a credit score, sometimes to very low levels. Most lenders will not work with you immediately after you file because your score will be low. However, you should understand how to check your credit score and if there is any negative aspect to checking your score too often.

How to Check Your Score

Within a month to two months after filing for bankruptcy, you may want to check your credit score. Be careful doing this. The problem is not that it will hurt your score in any way, but that you may rack up the costs in doing so. Under federal law, each credit reporting agency must provide you with a copy of your credit report each year, without charge. This report lists your credit usage and the information that lenders will see. However, it does not provide you with your credit score. To obtain your credit score, you will need to pay a fee to the agencies.

Before you elect to check your credit score frequently, consider the following.

• If you do wish to check your score after you file bankruptcy, check it about two months afterwards. This will give you a better indication of where it stands after bankruptcy has been reported and creditors have added their notations of your filing.
• Consider signing up for a credit alert service or finding out if any of your current lenders offer a credit score alert system. This is often a less expensive way to check your score when you want to do so on a regular basis. You can pay a monthly fee and get a report and updated score one or more t imes per month.
• Be sure to only request your credit score directly through your credit agencies yourself. Avoid applying for numerous loans or using other services to check your score. If a company requests your credit score, this will add an inquiry to your credit report which may reduce your credit score.

There is no other negative aspect to checking your score frequently, but it is a good idea to check your credit report once every three to four months. You can do this without charge by rotating credit reporting agencies.

Hire an Attorney

After bankruptcy, you may find errors on your report or lenders may not report your information accurately. Speak with your attorney about this and, if you do not have one, talk to an attorney before filing.