Life does go on after personal bankruptcy. Hopefully for the better. Part of moving on includes having a plan to take control of your finances.
Your credit isn’t going to be the best, however there is hope. Did you know that you can obtain your credit report free every year from three different agencies?
Having better control of your finances after personal bankruptcy can begin with managing your credit with credit reports.
They are Equifax, Experian, and TransUnion. By doing this, you can check on your personal information and financial accounts. You can see whether the data is accurately reported and that no fraudulent accounts have been opened in your name.
Should you find any errors, you can take action. You can take steps to correct them. You can also catch identify theft early. If you are ever denied a credit report, you can inquire why from Credit Report Agency, CRA. More than likely, you just left off important information on the application.
Your history is out there! It includes information on how well you pay your bills, loans, and your current level of debt. It also contains your work history, residency, and whether you were ever sued, filed for bankruptcy, or ever arrested.
All your information is available to prospective employers, insurers, rental property owners, etc. Your information can affect mortgage rates, credit card approval, apartment requests, and job applications. It can help lenders as to whether to extend you credit and to determine interest rates.
Your credit report does not include your credit score, but it can certainly affect it. Obtaining your score will require a fee from any credit reporting agency. You can also check with a non-profit credit counselor.
Another source is your credit card, or some auto loan companies. Some of them are beginning to include scores on monthly statements. It may be sought by logging into your account online if yours offers this.
Not all credit scores are created equally. You may have multiple scores because different companies, lenders may use their own system to create the score.
The score is based on numerous things. It includes your payment history, outstanding balances, length of your credit history, any applications for new credit cards, and types of credit accounts that you have, such as mortgages, car loans, and credit cards.
The higher the score the better. This has many benefits. It’s easier to get a loan, rent a home or apartment, buy a home, and often involves lower interest rates. It’s time to start picking up the pieces after bankruptcy!
If you are in financial straits and are overwhelmed with debt, personal bankruptcy may be an option for you. Hines Law is a Full-Service Legal Firm that handles all types of personal debt relief matters.
Experience and extensive knowledge is at the core of our practice. We will stand by your side, no matter what specific issues you may be facing. Our commitment is to safeguard your interests and your future by providing the right solution for your case. Call us today for a Free consultation!