Why You Should Check Your Credit Report After Filing for Bankruptcy

credit reportThere are situations when a business or individual has had a decline in their finances that doesn’t appear to be temporary. When the economy shifts for various reasons, this can negatively impact a business or a person’s bank account balance and assets. Many will be forced to file for bankruptcy. A seasoned bankruptcy attorney Mobile AL based inhabitants can turn to for credit problems and bankruptcy legal advice has a few common sense legal tips after filing for chapter 7 or chapter 13 bankruptcy.
How Bankruptcy Affects Your Credit Standing
In the short term, a filing of bankruptcy will negatively affect your good credit standing. This can make it difficult or impossible to get a line of credit or a loan for at least the near future. It is important to note that individuals and businesses that have already filed for bankruptcy in the courts can still work on getting their good credit standing back although this can take time and effort.
Check Your Credit Report After Filing for Bankruptcy
A Mobile AL bankruptcy attorney urges his clients to check and monitor their credit score reports after the bankruptcy proceedings are complete. Although there are laws that state that credit reporting agencies and former creditors are not allowed to harass or sell personal data of the parties that owe them money, it happens more than most would believe.
How to Get Your Credit Score Report for Free
Even though there are laws that are supposed to protect someone’s personal credit information and other data following a bankruptcy hearing, some creditors do not discharge those owed funds, and it is not removed from the person’s credit report. Some unscrupulous creditors and credit reporting agencies will sell this personal information to collection agencies and other places. By law, a credit reporting company must give you a copy of your credit status and information at least once a year when asked. A local bankruptcy attorney Selma business community respects can help people obtain this information. A site that is available for free every 4 months is annualcreditreport.com.
People Can Get a Free Credit Report After a Credit Denial
If a store, merchant or employer runs your credit and denies it, that person has the right to obtain a copy of this credit report when requested within 60 days of the denial. For further information or assistance in this matter, talk to an experienced bankruptcy attorney Mobile Alabama firm location.
How to Fix a Credit Report Error
If you have obtained your credit report and discover that there is an error, compose a letter to that credit reporting agency detailing the error and give notice that you are disputing this information. Send along any pertinent documentation and dispute amount and reason why you feel this is an error to the creditor and the credit reporting agency that may have made the error. When filing for bankruptcy Mobile AL area law firms, like Loris Law Firm, may be able to help in this matter. The appropriate sample letter to use as a guideline can be obtained by the Federal Trade Commission. The credit reporting agency must verify or remove after 45 days.
Tips for Repairing & Building Back Your Credit
It is possible to repair and build back your good credit by taking the proper steps, watching your spending habits and monitoring your credit score history to catch any potential errors. Some creditors will attempt to collect on a debt that was eliminated through a proper legal bankruptcy hearing decision. A lawyer familiar with bankruptcy law can take legal action against creditors and agencies that harass clients. Contact Loris Law Firm to speak with a successful bankruptcy attorney Robertsdale office location by accessing https://lorislawoffice.com online.