Tag Archives: CreditScore

How to Rebuild Credit After Bankruptcy

Many people who file for bankruptcy are afraid of what could happen to their credit reports. You have a credit report on file with the three credit reporting agencies (CRAs). These CRAs are Equifax, TransUnion and Experian. The information on your credit report is compiled into a FICO credit score, which is used by most lenders. After a bankruptcy, it is likely that your credit score has taken a hit regardless of your filing status. However, the good news is that your credit score is not permanent. You can begin repairing your credit during or after your bankruptcy. Steps to Repair Your Credit After Bankruptcy Steps to repair your credit after bankruptcy may include: Pulling your credit report. To get an idea of what needs to be repaired, you will have to pull your three credit reports from Equifax, TransUnion and Experian. You can receive one free credit report from…
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Bankruptcy and Your Credit Rating

Many people are afraid of what could happen to their credit scores if they file for bankruptcy. The three credit bureaus have financial information that scoring agencies take into account when creating your credit scores. Lenders use these credit scores (there are many types) to make decisions on whether to offer lines of credit to borrowers. There are many misconceptions about bankruptcy. There is a common misconception that bankruptcy permanently ruins your ability to access credit. This is not the case. If you are considering filing for bankruptcy, then worrying about credit scores should not be at the top of your priorities list. Protecting your assets and improving your immediate financial situation should be a greater priority. Are your properties at risk of being seized by creditors? Are your wages being garnished? If so, then you should know that waiting to file for bankruptcy could cause more damage to your…
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