In Bankruptcy

No! Not True!

Filing Bankruptcy does not have to be the end of your financial life. It is the beginning of your New and Better Financial Future. If you manage your finances properly moving forward, bankruptcy will be the last negative mark on your credit report. Without bankruptcy or paying off your debts, the delinquencies and late payments will continue to add up month after month indefinitely. Bankruptcy will stop the reporting of late payments and delinquencies for included debts.

There is NO law requiring that Bankruptcy, or any negative credit mark, remain on your credit report for 10 years, 7 years or any amount of time. You have the right to demand that the Credit Bureaus verify all of the information reported. Credit Bureaus are businesses that are paid by creditors to report whatever information the creditor submits. That is how they make money. And they are not government agencies. They don’t make money verifying the information. They make money reporting information.

They also do not report to you when items, including negative items, are placed in your credit file. They do not report to you when changes to your credit report occur. You have no way of knowing what, if anything, they have verified. Yet The Fair Credit Reporting Act requires that:

“Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information.  Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days…”

It is important to know what is on your credit report. Even items that appear to be correct, may not be and you have the right to ask that the information be verified.

With proper guidance your credit score can grow and grow fast after discharging your debts. Many of our clients have seen their credit scores improve into the 700s, sometimes within a year. This would not have been possible without stopping the negative reporting, which Bankruptcy will.

Contact Bellenot & Boufford, LLC for more information. / 203-304-9050

Serving Danbury, Connecticut and all of Fairfield and New Haven Counties.

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