How is ‘New Credit’ after Chapter 13?

Your credit rating during and after completion of your Chapter 13 plan will be based on information provided by individual creditors.

Your credit history is made available to creditors who then make independent determinations whether or not to grant credit to you. Suits, collections, attachments and bankruptcies are indications, in one degree or another, of credit problems.

Debtors who complete their plans may be able to improve their credit profile by informing the credit reporting agencies that they have received a discharge. A copy of your final report from the Chapter 13 Trustee and a copy of your discharge order from the Court should accompany a letter informing the agency that you have completed your plan.

You should consider requesting a copy of your credit report to ensure that the information contained in the report is accurate. There may be a nominal fee for obtaining a copy of your report from the agencies.

Category: Miscellaneous