Credit Reporting and Bankruptcy

Bankruptcy Lawyer in Columbus GA

A credit report is an important document that contains vital information about you. Your identity, address, professional address etc are some of the vital information about you that your credit report contains. This credit report is utilized by creditor in order to make a decision with regard to extending credit to you or not. Your bill paying habits is clearly outline in your credit history and helps a person determine your financial standards as well as discipline. The credit report is made by agencies and businesses for evaluation.

The federal law, Fair Credit Reporting Act regulates credit reporting companies. The main aim of the act is ensuring fairness and accuracy in credit reporting. There are many factors dependent on this act like, the credit worthiness and capacity, creditor decisions, banking system, consumer privacy, general consumer reputation etc.

As required by court or other individual consumer, the credit reporting agencies, disperse information. The information is also available by the consumer themselves as well as can be requested by creditor to determine credit worthiness of a debtor, to decide on employment, business relationship or extending a debt. All you need to do is to either ring up the agency or send them a mail asking for your credit report. Debtors have a right to see their credit reports and it would be a good idea to keep abreast with it so that you know exactly what is going on in your financial life. 

Fair credit reporting ensures that reasonable procedures are adopted by agencies to track down consumer credit, insurance, personal and other information of debtor, such that the credibility, confidentiality, relevancy and accuracy of such information is in accordance with requirements of this act. The Fair Credit Reporting Act ensures that credit reporting is done fairly and accurately after following proper procedures.

While filing for bankruptcy, your credit report is scrutinized and eligibility determined. It is a vital part of the qualification process. You can either file for chapter 7 or chapter 13 according to situation as well as eligibility. With having to pass a means test for qualifying for chapter 7, filing for bankruptcy is no more as easy as it was.

According to Fair Credit Reporting Act, if you are denied credit based on information provided in the credit report, the agency can be contacted and they need to furnish you with a copy of your report within 60 days. Credit reports are confidential are agency cannot give out information pertaining to medical history, etc without consent. Derogatory, incomplete and inaccurate information can be disputed. In the event of violation of Fair Credit Reporting Act, damages can be sought. A bankruptcy would be mentioned in your credit report and would remain so for a minimum period of ten years.

If you are searching for Columbus GA bankruptcy attorney or interested in Chapter 7 or Chapter 13 even need a Bankruptcy lawyer, then we can help.