Bankruptcy vs. Credit Counseling
Bankruptcy should be a last resort for those whom a budget is not feasible.
It will stay on your credit report for up to 10 years. It will affect your ability to obtain credit and at what interest rate.
Talk to an attorney & also check with a non-profit consumer credit counseling service to see what the best options are. Make sure you know how each option will affect your credit and for how long.
| Quick Credit FAQ |
| Up to 60% of people who check their free credit report find errors. |
| Credit Professionals recommend a credit check at least 2x yearly. |
| You may obtain a free credit check if you've been denied credit in the last 60 days or once annually. |
| There are 3 credit bureaus which collect information from major creditors. Equifax, TransUnion, Experian. |
| Your credit report lists all the accounts and payment history for the last two years; liens and judgements for 7 years; bankruptcy 10 years. |
| From your information a credit score is calculated. Credit Scores range from about 400-820. A score of 700 or above is very good. |
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