There are three phases in bankruptcy. The first is deciding where to start and which attorney to use. The second is actually signing your bankruptcy petition and fulfilling the requirements to get a bankruptcy discharged. The third is getting a fresh start on life and reestablishing your credit.
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This third phase – rebuilding your credit – is often overlooked because it can be challenging. To reestablish your credit, you need to create some credit so you can create some credit history. This means you need credit sources to report to credit bureaus. However, just because you're paying for a utility, product, or service with credit, does not mean that entity is going to report it to credit bureaus. It can often be a hassle for them.
A common example of this is rental agencies. Most do not report to credit bureaus because it's a hassle for them. Well, where does that leave you? You're paying your rent on time and you should get, well, credit for it!
There are actually rent-reporting service companies that can work to get your rent payments indicated on credit reports. (Several of which are outlined here.) For instance, take a look at eRentPayment. While it only is applicable to tenants whose landlord is registered, they report to all three credit bureaus. Note that your landlord may need to verify your rent payments. Taking the step to work with a rent-reporting service will go a long way in helping to rebuild your credit score following bankruptcy.
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