Fair Credit Reporting Act

Many people delay filing bankruptcy because they are afraid it will wreck their credit score. In reality, if you are deeply in debt, filing bankruptcy may actually be the first step in improving your credit.

I'm Memphis bankruptcy lawyer Ben Sissman. For more than 30 years, I have helped individuals and families rebuild their credit after bankruptcy. I offer a free initial consultation to discuss your situation and answer your questions.

Rebuilding Your Credit Following Bankruptcy

There are three main credit reporting agencies:

  • Experian
  • TransUnion
  • Equifax

These agencies will each assign you a credit score based on how much of your available credit you are using, whether you pay loans and credit card balances promptly, and other factors.

To rebuild your credit history, it's a good idea to obtain new credit card and to pay your bills promptly. At least initially, you may need to obtain a secured credit card. You should not obtain multiple credit cards and carry balances on each, as that could start you down the road to future debt problems.

A bankruptcy filing will remain on your credit report for 10 years. However, some creditors may actually view you as an improved risk because you will be debt-free.

Your Rights Under The Fair Credit Reporting Act

The Fair Credit Reporting Act is a law that is designed to protect consumers from credit reporting agencies. Under this law:

  • Employers must obtain written permission from you before they can check your credit report.
  • If an employer uses your credit report against you, it must provide you a copy of the report and give you the name and contact information of the credit reporting agency that provided it.
  • You have a right to correct any errors in your credit report.

Bankruptcy and Debt Relief Attorney in Memphis, Tennessee

For more information about rebuilding your credit and your rights under the Fair Credit Reporting Act, call 866-788-0394 or send an email to schedule a meeting today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.