When you apply for a loan (or an apartment, insurance, or some jobs), your credit history will be checked to determine whether you are “creditworthy.” A credit reporting bureau compiles information from various sources – stores where you have charge accounts, the bank where you have your car loan or bank charge cards, and the like – and puts together a credit report on you. A credit report essentially is a list of your current and previous loans, credit cards, and other debts, and your record of paying them. The date each loan was made or each charge account opened is listed, as are the initial loan amounts or credit limits and the current balances of each loan or credit account. The amount of the monthly payment and other terms are shown also. Most important to the prospective lender and your credit rating are any delinquencies, including missed payments, past due accounts, whether a company has ever written off a loan, whether you have been arrested or sued, and whether you have filed for bankruptcy.

If you have fallen behind on your bills and are being harassed by creditors contact a Sacramento bankruptcy attorney Tom Conlon at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.

What rights do you have if your application is denied because your file at the credit bureau is incomplete or contains inaccurate information that indicates you are a bad credit risk? The Fair Credit Reporting Act protects consumers from having inaccurate, incomplete, and obsolete information about their credit histories circulated. Under the Fair Credit Act, a credit report is called a “consumer report”, and the credit agency that furnishes the report is a “consumer reporting agency”. The Fair Credit Reporting Act mandates that bad credit marks – “negative information” – can be kept on file no more than seven years, except bankruptcy, which can be reported for up to ten years. It also requires credit reporting agencies to adopt fair standards for gathering, maintaining, and reporting information concerning your credit. The Fair Credit Reporting Act applies only to consumer credit and insurance, and does not cover commercial credit or business insurance.

If you have fallen behind on your bills and are being harassed by creditors contact a Sacramento bankruptcy lawyer Tom Conlon at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.

Debt consolidation often times does not work for many people. It can be a temporary solution that can take many years to resolve itself. Many people come to us after trying debt consolidation and spending thousands of dollars just to find out that they still owe most of their debt. A Chapter 7 Bankruptcy can be completed in as little as 3 ½ months.Talk to a bankruptcy lawyer before you sign up for debt consolidation, then make an informed decision.

If you have fallen behind on your bills and are being harassed by creditors contact a bankruptcy attorney in Sacramento Tom Conlon at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.

You can rebuild your credit after Bankruptcy. A Bankruptcy can be on your credit report for 7-10 years, but you can rebuild your credit usually within 2-3 years if you have decent income and you pay your obligations on time after bankruptcy. After your debts are discharged, your debt to income ratio improves dramatically. Get a new credit card, even if it is secured and use it and pay it off monthly. Pay your secured obligations on time and your credit will improve.

If you have fallen behind on your bills and are being harassed by creditors contact Tom Conlon, a bankruptcy lawyer Sacramento at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.

Consequences of filing for Bankruptcy The best consequences are that your unsecured debts are discharged, and all those harassing creditor calls stop and the lawsuits and garnishments go away. The worst consequences are that your credit report shows a Chapter 7 bankruptcy for 10 years or a Chapter 13 Bankruptcy for 7 years. Credit will be harder to get. However you could get a house after as little as 2 years. You will likely get credit card offers right away. You may have to pay a higher interest rate until your credit scores improve.

If you have fallen behind on your bills and are being harassed by creditors contact a Sacramento bankruptcy attorney Tom Conlon at (916) 971-8880 to see if you qualify to file bankruptcy and get a new fresh start.