If you were denied business credit having an old “Equifax bankruptcy” on your credit report is likely the main reason why. When it comes to challenging and removing bankruptcy Equifax is generally the hardest to remove among the three major credit bureaus.
The easiest is Experian, which they will quickly remove Chapter 13 and Chapter 7 bankruptcies if challenged by statute properly.
TransUnion is the second easiest to remove a Chapter 13 bankruptcy. For Chapter 7 they can also be more challenging as well.
So how can you actually have a bankruptcy removed from your Equifax credit file particularly stopping you from getting business credit?!
These are the same exact steps to take for also challenging a Chapter 7 bankruptcy on TransUnion.
Challenging An Equifax Bankruptcy
First let’s start with a “quick history lesson” about why so many business owners today have a bankruptcy appearing in their personal credit file…
In December of 2007, The Great Recession hit hard! There were more than 8 million Americans who lost jobs in 2008! As a result The Great Recession lasted around 19 months and in 2008 alone more than 1 million Americans filed for bankruptcy. The economy was as bad as it could possibly be at that time.
Not being able to find gainful employment, many Americans started off on an entrepreneurial path starting their own businesses.
It’s impossible for business owners to get decent business credit with bankruptcy appearing on their credit reports.
To challenge a bankruptcy appearing on your credit file you need to understand statutes available to you!
Business Credit Approval
Conduct Forensic Evidence – Finding Out What Happened Before A Financial Crime
Pull Your Credit Report FREE
Go to AnnualCreditReport.com
The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the FCRA with respect to credit reporting companies.
(If you understand securitization about loans, you’ll understand why having to file bankruptcy in the first place was a pretender lender fraud not disclosed to you…read Wall Street Mortgage Cancellation Secrets )
To do this properly you need to understand the powerful statutes available to you for disputing credit!!
The bankruptcy court can’t report inaccurate information when disputed. This is also where things get very interesting in a business owner’s favor…
Once you order your free credit report following instructions in step 1 above.
Review and Inspect!!!
For example, does the Asset amount lists $0 or nothing?
Challenge this is inaccurate! Using the training in the Credit Disputer app from Step 2 can help go more in-depth with disputing negative information in your credit file.
Make the bankruptcy court report ONLY accurate information about you. If they can’t the bankruptcy can be permanently removed for reporting of inaccurate information!!
However, when the credit bureaus contact the bankruptcy courts they don’t discuss your personal case with them…because they can’t for privacy! So when you see Verified from the credit bureaus this is something to be challenge again! A bankruptcy court will refuse to verify any debtors information with a third party.
Try this one out yourself by contacting the bankruptcy court to verify information about a bankruptcy filing. Let them know that you are a third party and not the debtor.
This is what the FTC says about accuracy and the bankruptcy courts must follow these statutes fully!!
“When you provide information to a CRA, you have obligations under the FCRA to ensure the accuracy of the information you furnish. As a rule, it’s illegal to report information that you know or believe is inaccurate. You have “reasonable cause to believe” that information is inaccurate if you have knowledge, other than allegations from the consumer, that would lead a reasonable person to doubt the accuracy of the information. FCRA Section 623(a)(1)(A) You may be exempt from this requirement if you give an address for consumers to report inaccurate information, but you cannot, under any circumstances, report information the consumer has told you is inaccurate if it is, in fact, inaccurate. FCRA Section 623(a)(1)(C)”
Once you successfully removed all your bankruptcies from your credit file, then you will be ready to obtain a business credit loan !!
You can apply for up-to $250,000 or more in business credit today, Apply Here
If you would like assistance with removing negative information from your personal credit report our Financial Resolution Audit services are a flat rate of $550 (One-time Fee) contact us via Info@BusinessCreditBuddy.com or for a free business credit consult please contact (404) 806-0548 !
Cheers to your business success!