Three steps to good credit: Credit repairWith so many people experiencing bankruptcy and so much financial data going through the credit bureaus, the chance for error is great. That’s why it’s imperative that you review all of your credit report information for accuracy, particularly the data surrounding the specifics of your bankruptcy. We’ll walk you through why it works and what to do so you can start repairing your credit today, even with a bankruptcy in your past.
How does a bankruptcy affect your credit score?,
Having a bankruptcy on your credit report can be devastating to your credit scores. According to FICO, for a person with a credit score of 680, a bankruptcy on your credit report will lower your score by 130-150 points. For a person with a score of 780, a bankruptcy will cost you 220-240 points. That one event immediately drops you several categories lower and impacts your ability to access credit, and yes, the higher your initial credit score is, the more it falls.
You might not be eligible for future loans or credit cards, and if you are, you’ll most likely end up paying much higher interest rates. Not only that, the amount you can borrow will probably become limited. While filing for bankruptcy may be the best financial decision at this point in your life, it’s still important to understand how and why it affects your credit.
Can credit repair help you in Illinois to achieve financial stability? How do I find a reputable credit counselor?
Most credit counselors offer services through local offices, online, or on the telephone. You can find a list of approved credit counselors online.
Once you've developed a list of potential counseling agencies, check them out with your State Attorney General’s office, and local consumer protection agency.
Finally, ask the credit counseling agency for free information about their services and what they provide.A reputable credit counseling agency should be willing to send you free information about itself and the services it provides without requiring you to provide any details about your situation. If a service doesn’t do that, consider it a red flag and go elsewhere for help.
- Credit Repair in Illinois
- Credit Repair Company in Chicago
- Credit Repair in Rockford
- Credit Repair in Joliet
- Credit Repair in Naperville
- Repair Credit in Springfield
- Credit Repair Attorney in Peoria
- Repair Credit in Elgin
- Bankruptcy Removal in Waukegan
- Credit Repair Attorney in Champaign
- Credit Repair Company in Arington Heights
- Bankruptcy Removal in Evanston
- Repair Credit in Schaumburg
- Credit Repair Company in Bolingbrook
- Credit Repair Company in Palatine
- Credit Repair Attorney in Des Plaines
- Repair Credit in Orland Park
- Credit Repair Company in Tinley Park
- Repair Credit in Oak Lawn
- Credit Repair Company in Berwyn
- Bankruptcy Removal in Hoffman Estates
- Credit Repair Company in Wheaton