If you have ever had a credit card, loan, or a debt collection, you are likely to have a credit report. A credit report is one of the most important documents of your financial life. A credit report is a compilation of information about how much debt you’ve accumulated, how you pay your bills, where you live, where you work, whether you’ve filed bankruptcy or had a lawsuit judgment entered against you, and whether you’ve had a home foreclosed or vehicle possessed. If it sound like a credit report contains a lot of information, it does. An annual credit report can be over 100 pages long.
Kain and Scott offers a free 90-day credit repair to all clients who file a chapter 7 or 13 bankruptcy with us. Clients will learn how to run their credit reports, how to read their reports from all three credit bureaus: Transunion, Experian, Equifax. Each of the reports report differently from one another, but that is a good thing! It helps client be aware of the similarities and differences within each report.
Once clients have familiarized themselves with their reports, they will need to make sure that everything that they have included in their bankruptcy is reporting correctly. Their reports should say one of the following:
- Need to show a $0 balance
- Need to say ‘closed’
- Should say ‘included in bankruptcy’
If any of the reports do not say those things, we tell our clients that is something they would want to dispute. Making things easier for our clients, we have made a dispute form available on the Kain and Scott website.
If clients reach out for credit repair, the credit specialist’s goal is to make sure that the client is on the path to success! We want them to be able to do these things on their own with some guidance if needed. We want clients to be successful and be able to learn how to do these things on their own in the future and know how to read and dispute things while understanding what a credit report is for and how it works!
Conclusion
Let us help you navigate the ins-and-outs of your credit report and help to manage your credit score! Talk to one of MN’s most helpful bankruptcy attorneys at www.kainscott.com
