Tag Archives: credit report

3 Ways To Get Your Free Annual Credit Report

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Yes, you can now get your credit file without paying a penny. And in contrast to before, it is currently truly free. Will no longer do you have to join a “free” credit history by subscribing to “credit monitoring protection service” for just a low annual fee of $79 annually! The changing times of dodging the annoying charges and service fees for any free credit history are gone for good.

Within the 2003 Fair and Accurate Credit Transactions Act, you have the straight away to a no cost copy of the credit profile inside a 12 month period in the big three credit history bureaus (Experian, Equifax and TransUnion).

The goal of this new government act is to ensure that Americans develop the right to stay informed in what these three canceling bureaus say of you without correctly. Since identity theft, fraud and errors may be common today, thinking about must pay for the copy of an report to neglect against these complaints?

Listed below are the 3 techniques for getting your free annual credit profile:

A few verifying agencies have formulated a blog to request your annual credit report.

1) Head to www.annualcreditreport.com

2) Call (877) 322-8228 to request your free credit history.

3) Complete a form from the Federal Trade Comission, http://www.ftc.gov/bcp/conline/include/requestformfinal.pdf and mail it to: Annual Credit profile Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

When you go right to several agencies or use any other type and services information you may end up having to pay or sign up to the subscription services I pointed out above! Be sure you play one of the 3 methods Mentioned to obtain your annual free credit history.

You will get the reports from all of 3 agencies at once or stagger the reports from every one over the course of A year. The benefit of staggering the reports you get is to keep an eye on how any major alterations in your financial picture affect precisely what is with your credit score. By way of example, if you intend on obtaining a second mortgage above the coming year, or obtaining student loans, ect. it may be cognizant of get yourself a report before these major events!

This new Act will not supplant additional methods you’ll be able to benefit from to receive a free of charge credit report. If you’re applying for unemployment or been denied that loan, or have to have a credit history to acquire a career, you’ve still got the right to get a free credit score.

Utilize this new government regulation and make sure all of the information listed by the 3 injuries verifying agencies are correct. Any errors or omissions is able to reduce your credit history and end up costing a person plenty of income after you make an application for any type of credit.

 

 

 

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Internal Revenue Service Lien Have A Negative Consequence On Your Credit Report?

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ASSAY YOUR CREDIT REPORT FOR AN INTERNAL REVENUE LIEN

Given that credit checks are essential for virtually whatever we do, it is important that we make sure that there is not an IRS lien on our credit report. We are entitled to a no cost copy of our credit report annually and if you deduce that the IRS has a problem with the amount of money you’ve sent them, you may desire to check your credit report to look into if they have filed a lien on you anywhere. Once you have looked over your credit report and have found an IRS lien present, you will in all probability choose to take steps to compel the IRS withdraw the lien.

AN INTERNAL REVENUE SERVICE LIEN CAN HAVE A DEROGATORY EFFECT ON YOUR CREDIT SCORE.

An Internal Revenue Service lien can have a vilifying consequence on your credit score. It can also signal in a harmful manner on your credit payment history. In addition, the Internal Revenue Service has in the past has made inquiries at the credit reporting companies which can also influence your ability to find credit on a positive basis. The economy over the last few years has likely resulted in quite a few consumers finding an IRS lien on their credit report that they were unaware of. 

THE INTERNAL REVENUE IS REQUIRED TO GIVE YOU NOTICE

26 U.S.C. § 6320 obliges the Secretary (IRS) to inform in writing the one described in § 6321 of the filing of a notice of lien in § 6323. Section 6321 says that if any person legally responsible to pay any tax neglects or declines to pay the same after demand, the total shall be a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person. Section 6323 goes into the nitty gritty of precisely which of your assets the lien attaches too. Suffice it to say, there isn’t much of your possessions it doesn’t fasten too.

WHY YOU DON’T BE AWARE OF THE INTERNAL REVENUE SERVICE NOTICE OF LIEN LOWERING YOUR CREDIT REPORT

26 U.S.C. § 6320 also calls for the Secretary (IRS) to tell you in specific ways. This is when the details come  in on the subject of why you wouldn’t be aware of  an Internal Revenue Service
lien. The Internal Revenue was supposed to: 1) Hand you the notice personally; 2) Leave the notice at your house or usual place of commerce; 3) Or, send the notice to you via certified or registered mail at your last known address. I think the majority people are not aware of an Federal tax lien distressing their credit score or report because the Internal Revenue Service either intentionally or without due care and attention neglected to send the notice to your present address. There is a very strong possibility that the last known address issue can play a role in forcing the IRS to withdraw the lien for failing to follow their administrative procedures.

MOST LIKELY THE INTERNAL REVENUE DIDN’T FOLLOW THEIR ADMINISTRATIVE PROCEDURES TO YOUR HELP

An added very strong option that can act a role in forcing the Internal Revenue Service to withdraw the lien for neglecting to stick to their administrative procedures is the 5 day topic. According to 26 U.S.C. § 6320(a) they were supposed to do this less than than 5 business days after the day of the filing of the notice of lien. One Treasury Inspector Audit Report reported that the Internal Revenue failed to satisfy the 5 day requirement 95% of the time. That same report revealed that sometimes the IRS couldn’t even verify that they sent any notice at all! This is still one more strong issue that can play a role in forcing the IRS to withdraw their lien.

THE INTERNAL REVENUE SERVICE IS TO WITHDRAW THE NOTICE OF LIEN IN SPECIFIED CONDITIONS

26 U.S.C. § 6323(j) allows the IRS to withdraw the notice of lien in certain situation. The circumstance that gives you the greatest hope of having the lien withdrawn provides that the Secretary, or  IRS, may withdraw a notice of a lien filed under this section and the lien shall be treated as if the withdrawn notice had not been filed, if the Secretary ascertains that the filing of such notice was not in accordance with administrative procedures of the Secretary. Treasury Inspector Audit Reports point to where the administrative steps have in all likelihood not been adhered too. Freedom of Information Act requests discover whether or not those administrative steps have been adhered too in your case.

Legalbear’s Tips & Tricks for Court is a Yahoo Group that has over 3200 members. Many of those members are knowledgeable and willing to discuss your IRS lien and contribute to a solution to your problem. You may want to join the group.

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Can An IRS Lien Have A Negative Consequence On Your Credit Score?

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A credit report is designed to convey to lenders the variety of economic hazard you are as a borrower. Your credit report plays an exceedingly notable role in making 95% of lending decisions in the U.S. An IRS lien can have a sizeable influence on the condition of your credit score and the borrowing opportunities that are open to you. An IRS  lien can also have a considerable impact on the interest rate that you will finally shell out for a loan.

THE TWO MAJOR FACTORS AN INTERNAL REVENUE LIEN EFFECTS ON YOUR CREDIT SCORE

Of the five main factors pondered and thought to be the predictive indicators, an IRS lien will experience the most severe effect on your history. An Internal Revenue inquiry on your credit report will also have a detrimental effect on any potential creditor. An Internal Revenue Service lien or an Internal Revenue Service inquiry tells a lender that you have not paid them on time or that you have the possibility of going into considerable derogatory status. Both history and inquiries are weighty factors that influence your score.

GETTING THE INTERNAL REVENUE SERVICE TO ABIDE BY THE RULES

Getting the Internal Revenue Service to comply with the rules as written isn’t rocket science. If an IRS lien is affecting your score, there are hands-on steps on hand to cause the Internal Revenue to vacate their lien and tell Equifax, Experian, and TransUnion of having done so.

THE SECRETARY MAY WITHDRAW A NOTICE OF A LIEN

26 U.S.C. § 6323(j) provides that the Secretary may withdraw a notice of a lien in clear situations. If the Secretary withdraws a notice of lien it shall be regarded as if the withdrawn notice had not been filed. This section of the Revenue Code provides that if the Secretary determines that the filing of such notice of lien was not in accordance with administrative procedures of the Secretary of the Treasury that such withdrawal shall be made by filing notice at the same office as the withdrawn notice. 26 U.S.C. § 6323(j) provides that a reproduction of such notice of withdrawal shall be given to the taxpayer.

26 U.S.C. § 6323(j) also provides that the Secretary of the Treasury, upon notice in writing by the taxpayer with respect to whom a notice of a lien was withdrawn shall without delay make sensible attempts to let know credit reporting agencies, and any financial institution or creditor whose name and address is specified in such request, of the withdrawal of such notice. It seems very probable that Equifax, Experian, and TransUnion will pay consideration to a notification coming from the IRS. 26 U.S.C. § 6323(j) provides that any such request shall be in such form as the Secretary may prescribe.

THE LAWMAKERS HAVE IMPOSED SO MANY LAWS ON THE INTERNAL REVENUE SERVICE IT IS IMPOSSIBLE FOR THE INTERNAL REVENUE SERVICE TO GET IT RIGHT

The Congress and Senate have imposed so many laws on the federal tax collectors that they have made it nigh unto unattainable for the federal tax collectors to get it correct. The subtleties of knowing specifically what to look for with respect to what was not done in accordance with administrative procedures of the Secretary is benefited by the Treasury Inspector General Audit Reports as well as use of the Freedom of Information Act requests.

In view of the fact that an IRS lien could display on your credit score 7 years from time satisfied; and up to 15 years if unpaid, it would look like it would be in your credit scores best interest to find what administrative procedures of the Secretary were not performed and advise the IRS of their function to withdraw their lien and notify the credit reporting bureaus of having done so as soon as doable.

Tips & Tricks for Court is a Yahoo Group that has over 3200 members. Many of those members are knowledgeable and willing to discuss your IRS lien and contribute to a solution to your problem. You may want to join the group.

 

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Credit Repaire Services – They’re not all the same!

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Credit Score Video

Finding a credit repair company isn’t as difficult as you may think.  However, what you do have to be aware of are the many false companies that there are out there.  When you think about how often your credit comes into play, you would be surprised to see the impact that having a bad credit score can have on your life.  Credit is important for a number of reasons.  For starters, you cannot buy a car without having a halfway decent credit score.Do you know what a good credit score is?  A good credit score is anything above 700 points.  However, if your credit score is between 650 and 700, then you’re still in fair standing.

Credit Repair Services

When you’re thinking of buying a house, the first thing that you need to examine is where your credit stands.  If you are married to someone else, then it won’t just be your credit that gets checked.  Rather, you will both be expected to present your credit information.  If your credit isn’t doing too hot, there are several things that you can do to help improve your situation.  One of the first things that many people are starting to do is hire a credit repair service or credit repair company to help them figure out the best way to approach consolidating their debt.  Again, you must be careful when choosing this option so that you make sure the company you go with is one that is reputable and not a sham.

The other thing that can help you improve your credit score is to learn how to manage your finances better.This may mean controlling any and all unnecessary spending (temporarily anyway).Do you know how important good credit is? It can help you become a more responsible person and will leave you in much better standings to own home or car in the future.

In closing, do your homework and make the best decision for you and your future.  If you have a spouse, it’s important that the two of you are in agreement with the final decision.

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The Best Options To Get Help With Bad Credit

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If you need help with bad credit it’s not a time to panic and believe the junk mail you get daily with promises of instant credit repair and bad credit debt consolidation loans. It’s a time to be cautious and know the qualifications of the person or company you are dealing with.

 

The fact is the only time you need help with credit repair from an outsider is when you simply don’t have the time or will to do it yourself. There is little a credit repair specialist can do to raise your credit score that you can’t do yourself.

 

The Federal Trade Commission advises consumers, you and you alone can work towards repairing your credit.It’s all about making the effort.  The FTC has specific guidelines on your rights under the Fair Credit Reporting Act, how you can improve your credit report legally, and also offers tips on dealing with debt.

 

In today’s society, if your credit report contains negative information, it will affect your ability to borrow money, get insurance or get a promotion. Your credit history file is generated whenever you request a loan, apply for insurance or put in a job application. Your credit report history thus becomes an extremely important document.

 

Contact your local credit reporting agency once a year for a free copy of your credit report. You are moving in the right direction if your credit score is increasing. Any decrease in your credit score requires promp action to know why.

 

Study your report carefully and look for any discrepancies or any inaccurate information. When you find something you think is not correct write a letter of dispute and ask for an investigation. If after getting your credit report you can’t understand it, ask your banker for help.

 

If you cannot get the issue resolved on your own it’s time to seek out the services of a credit repair attorney to act on your behalf.

 

The best option is to avoid getting into a situation where you need to get help with bad credit. Stay in touch with your lender to avoid this. Whenever your payment is going to be late be sure to call them and explain why. If you already have debt problems, bear down and make the effort to start a repayment plan. Following these simple pieces of advice can help you get and maintain a good clean credit report.

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Get educated about your FICO rating prior to enrolling into any credit card debt counseling plans

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As lenders tighten up and utilize stricter lending laws, it becomes important that people do not let themselves to slide into the sub-prime or high-risk zone of the banks criteria. Banks are reluctant about lending capital to individuals with an excellent credit score and adequate income, yet alone to somebody that isn’t meeting their requirements. Somebody considered to be sub-prime is aware of how tough it has been to receive funds, and given the current economic crisis, will find it almost impossible in years to come.

There are a couple of ways to stay aware of your current credit rating. There are a lot of on-line websites designed for finding and accessing your credit score. The lenders use the data provided by the three primary credit reporting bureaus; Trans Union, Experian, and Equifax all report a FICO score, which is the number that the creditors use to evaluate the risk of loaning money, specifically when it comes to home loans. Keep watch by checking periodically with these bureaus.

How your credit score is made up is vital to understand regardless, but it becomes especially important when considering the different programs of debt relief. Roughly a third of the credit score is composed of an individual’s debt-to-credit ratio and about thirty percent is based on payment history. The rest is broken up between a few different factors holding less weight, such as the duration of time the credit has been available and the types of credit used.

The debt-to-credit ratio section of a consumer’s credit can be struck negatively without the portion representing payment history being affected the same way. This occurs when there are high balances on credit cards, yet the consumer is up to date on their bills. Payment history will not be affected adversely if payments are current, but the large balances can cripple a credit score.

Any predicament involving a debtor sliding behind on their monthly installments on the debt will typically indicate a high or rising debt-to-credit ratio. The more payments that are not made or delinquent, the deeper the hole that is dug. Missing payments can result in late-payment fees and the raising of interest rates. That’s when debtors reazlie they are trying desperately to climb out of a hole, all the while their balances are skyrocketing. Once somebody is slapped with a jacked up interest rate and a load of penalties, unless there is an increase of funds, that person will feel the walls of the credit industry closing in. At this point, trying to get out of debt without any aide from a debt reduction business becomes very difficult.

Any system of paying back a creditor other than paying directly in full will have a negative effect on a debtor’s FICO report. That’s why it must be understood exactly how your credit will be shown while actively on a debt solutions program. Varying debt resolution programs affect a credit report in different manners. However, there will almost always be an up front compromise of the credit score itself, the only difference being which factors are responsible for it changing. A lot people are not aware of this, so it’s important to inquire as to how a credit counseling service, debt settlement plan, or a worst-case scenario bankruptcy, will damage their credit.

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Which Credit Repair Company Should I Call?

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Fixing a credit report can be a long and tedious task for anybody to do. Of course you never find out about things on there until you are ready to get approved on financing for something. It always happens when you least expect it. Worst of all is that it could be a little bit embarrassing too. Most companies will pull a merged credit report from the three major companies and each account in question will say where its being reported. Now you need to get to work to see what one of these companies can help you fix your credit.

The first phone call should be to the credit bureau itself. Equifax is one of the three largest companies that handles these types of inquiries. There is a strong chance that if anything is showing it is with them. To be able to work with them you will have to purchase a credit report from them. From there you will start going over the accounts in question. Your discrepancy might only be showing up with Equifax and it might be the only place you go.

The company that started the whole credit scoring system was My Fico. They work with all three credit bureaus. There will be a fee involved to work with them as they are going to handle all of your accounts for you. My Fico will get all the info needed for you to call your creditors and start closing out accounts. After the bills are paid, My Fico contacts the credit bureaus on your behalf with your closed account documents.

If you want to not only get your credit report cleaned up but have your accounts in question reduced to a lower balance or zeroed out completely then you should call Lexington Law. They are a law firm that knows the ins and outs of credit repair. The fees involved with working with them are higher than your other options but you might pay less in the long run with your debts. After the balances are cleared they will inform the credit bureaus of the closed accounts and your credit report will reflect the changes.

If you plan on cleaning up your credit report then take the time to start with the three companies above. They are all very good at what they do. The further down the list you go the more expensive it might be. With the end goal to clean up your credit it might sound costly now but paying higher rates on other things you want to buy might be costlier with bad credit.

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Credit and Employment

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There are many ways that you can put off having to deal with credit. You can rent a place to live, you can take the bus instead of owning a car to drive, and you can even go without health insurance. Of course that’s not advisable, but it is possible. People learn how to deal only with the cash they have and not rely on plastic to get them out of fixes. But in order to have the money to do all that they need something they cannot do without – a job.

It is important to know that the law prohibits an employer from denying employment to someone based on bankruptcy findings. However, the law does not prohibit an employer from denying an application, or even rescinding an offer, based on other credit issues. Some of these issues could be inquiries, foreclosures, or collection actions. More and more companies are using credit reports as a means of hiring, firing, and for promotional purposes. One survey that was taken by the Society for Human Resource Management showed that 35% of companies are now performing this practice.

The most common practice for employers still remains to be the background check, but studies have found that if a company is pooling resources in order to verify background, more often than not, they will go ahead and pull the credit report also. However, many employers have found that finding credit mishaps did not determine whether or not an employee was more likely to steal. The better predictor, most would say, is a full criminal background check, which would show things such as bounced checks. Employers will also use credit checks in order to make sure employment history is correct and that the Social Security numbers are valid. This is a measurement that is taken as a form of insurance for a company that is trying to hire new staff members.

Some of the best jobs are with the government. There is plenty of room for advancement and job security is usually better than with most jobs in the private sector. Governmental agencies do perform credit checks for security reasons, but don’t worry, the only time a credit report will be used as a means of denial is if the prospective employee will have direct access to cash.

There are rules that people have to follow, regardless of the position that is being applied for. For instance, an employer has to have your permission before they can run a credit check. The permission has to be obtained in writing, and any deviation from this method is against the law. Bankruptcy is not supposed to be considered a problem. Remember, they can take issue with you not paying your bills, but not if you have filed for bankruptcy. Finally, if your credit information is used against you in any way, the employer is required to tell you what the problem is.

Times are changing and we have to change with them. Credit checks are becoming more and more important as time goes on. Twenty years ago no one would have ever thought they could be turned down for a job because their credit was lacking. With credit rapidly becoming so ingrained in the way society works you have to do your best to keep your credit clean.

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The School of Hard Knocks: Bankruptcy

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Filing for bankruptcy is not a simple solution. We should get that out of the way right up front. It is important to know right from the beginning that bankruptcy isn’t a “get out of jail free” card from the government. Bankruptcy can take away most debts, but it is going to cost you something in return.

Important Bankruptcy Information You Need to Know

The first step should be to gather all of the information you can on bankruptcy. I recommend free organizations like the Bankruptcy Help Desk. If you’ve exhausted all your other options and must file bankruptcy, filing is only the second step. First you need to get credit counseling. Bankruptcy comes only after you’ve gone through all of the plan you received from credit counseling. This is because you need to be viewed as unable to pay your bills. A credit advocate has to say that there is no hope of you paying off your debt, so bankruptcy is the only option.

If you file for bankruptcy, it will stay on your credit report for 10 years. After you’ve filed for bankruptcy, it’s going to be hard to get new credit for quite awhile. Getting new credit can take up to another two whole years. Getting that is hard for some of the not so fortunate.  A bankruptcy on your credit report can actually determine whether or not you get a job. Many employers will request credit reports to see how potential hires handle their money. This is particularly important if you’re looking for a job where you’ll be handling company money.

Your Credit Life After Bankruptcy

When you do get credit after your bankruptcy, you’re going to get hit with high fees and interest rates. That’s going to cost you thousands of dollars more than if you had good credit. A lot people try to wait out that 10 year period until the bankruptcy is removed from their credit report. On top of waiting 10 years, you’re also going to be starting off from square one with a beginners credit score.

Your first step should always be to find and talk to a credit counseling service to see what help they can give you. Services like these can usually block interest accrual and reduce your required payments. That will help you pay off the debt faster without adding more to it. If your credit isn’t terrible yet, you could see about liability consolidation. That allows you to lump together all of your unguaranteed debts. These types of debts are those that have not been assured. This lets you consolidate all your debts into one simple payment.

Bankruptcy isn’t easy by any means, but there is a secret: credit companies are willing to work with you. They know that if they work with you, they may get some or most of that debt back. If you get nothing, they get nothing. It’s always in their best interests to keep you out of bankruptcy. To find out more about tricks like this click here for free bankruptcy resources.

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How to rebuild your credit after a bankruptcy

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Bankruptcy does not need to chain you to bad credit for the next seven to ten years. This article summarize 5 easy steps to rebuilt your credit after bankruptcy.

Bankruptcy often is the last ultimate solution for many debtors who have unbearable debts. After filing a bankruptcy, you will get rid of your debts instantly and relief you from the harassing call of your creditor.

Although bankruptcy has many unwanted consequences such as your bad credit record will remain on your credit report for 7-10 years, but with a little work, you can improve your credit even before these negative records expire. Here are five easy steps you can take to rebuild your credit.

Step 1: Get to know your current credit status

The first step in rebuilding your credit is to look at your current credit status. Order all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and safe.

Print each report and examine it closely. Try to understand the information listed in your credit reports and highlight any negative records or inaccuracies that are damaging your credit score.

Step 2: Check the expiration dates

By law, your bad credit record will remain in your credit report for 7 to 10 years, but the exact expiry date might be different among these 3 reports. Your bad record will still remain at your credit report although you have pay off your old debts and discharge from bankruptcy.

Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and collection records. You will likely see a major improvement in your credit score when these records expire.

Step 3: Request For Correct On Any Inaccurate Records

If you find inaccurate records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to correct your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days inquiry to see whether your requests are valid and if so, they will correct the inaccuracy in your credit report.

Just one note, don’t try to dispute any of the positive information listed in your credit reports and it is a waste of time to attempt to dispute these records. Arguing positive information may actually damage your credit scores.

Step 4: Start to make good credits

Since there is no way to remove your bad record from your credit report, the best way to improve your credit score is to add good credits and building up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help people rebuild their credit after bankruptcy).

Use this new credit card responsibly and make the monthly payment timely; with this you are building new history of good credit behavior on your credit report. Over time, you may want to open additional credit card accounts or obtain a loan to boost your credit score even higher.

Step 5: Supervise your progress

Subscribe to a credit card monitoring service or get a credit card monitoring software and use it to monitor your credit score progress closely. Your credit score should improve fastly as you continue to use credit responsibly and add new positive information to your credit reports.

Bankruptcy does not need to chain you to bad credit for the next seven to ten years, but you have to be proactive in order to recover and rebuild your credit.

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