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The creditors stop calling you. They cannot garnish you; and In three years you can have good credit. What do I mean by good credit? In three years you can have credit good enough to be able to get a car loan at around 8%. In three years you have credit good enough to finance house at the interest rate most people are paying--assuming that you are making enough money to afford the house. Here's the key. Ninety percent of your credit score is based on that last three years. So once you have three good years, you'll have good credit. Why do so many people say seven years with bad credit? One reason that many people take longer than three years to get back to good credit is that some credit card companies keep right on reporting people as late after the bankruptcy is over. While they credit card companies are required by law to report information accurately, the truth is they often don’t. So we contact the big three credit bureaus and tell them what your credit report should look like. That gets them to make most of the changes they were supposed to make without being told. We also sue the credit card companies. If we have to sue them for you, we get your credit report right, and also try to get you a little money. (Typically, about $350.00.) I'm in touch with about two dozen lawyers around the country who are working together to fix this problem. Since we started suing the credit card companies, a lot of the worst offenders have fixed their procedures. So you have a better chance that you would have a few years ago of having your credit report right after your bankruptcy is over. But we still work with you to check it--and we keep working until it IS right.
Robert Weed |
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