Information on credit report

[Brendon]

Question for everyone rebuilding. I read an article this morning about life after bk. Here is an excerpt:

You have the right to include a paragraph in your credit report explaining the circumstances that led to your bankruptcy.

"This is a good idea, as it will show potential lenders that you are not really a criminal or a deadbeat, but a responsible and hardworking individual who suffered an unavoidable economic setback," Ms. Chesnutt said.

I have never heard this before, and wondered if anyone has done this? How do you get this info on your credit report? Would it be helpful to explain the circumstances of your bk (I had small business fail)?

Some of us are thrust into bk due to unforeseen issues like medical, divorce, failed business and this could help. Here is a link to the whole article. (Correction--I can't link the article because you have to register to read it...I am putting the whole article, but understand if moderators feel it is too lengthy and whack it)

You can rebuild your credit after bankruptcy

It takes time and hard work to reinvent your financial life


08:18 AM CST on Monday, February 25, 2008
By PAMELA YIP / The Dallas Morning News
[email protected]

[magyar123]

THey are called "consumer statements" and really don't have any bearing at all.

[Flamingo]

Yes, as magyar123 stated they are called "consumer statements" and can be added to each of your credit reports. While some state they are a waste of time, others state otherwise. Adding them is no big deal as you just contact each CRA and provide them with verbiage. There is a limit to the length of the insertion, though.