Articles Posted in Credit -Repairing & Rebuilding

The Fair Credit Reporting Act (FCRA) provides specific rights to consumers who are or believe they are the victim of identity theft. If someone uses your name, Social Security number, date of birth, or other identification without the authority to do so in order to commit fraud, it is considered Identify Theft.  For example, if someone used your personal information to get a loan or to get a credit card, they may have committed identity theft.

Here is a short summary of these rights that were designed to help you recover:

  1. You have the right to ask that nationwide consumer reporting agencies place “fraud alerts” in your file to let potential creditors and others know that you may be a victim of identity theft.

This is a question that comes up at every conference I have with individuals considering debt relief.  It is a natural question since very few of us could obtain a house or car without access to credit.

Credit Bureaus are allowed to report a bankruptcy filing for ten years.  That fact that  a bankruptcy is recorded on your credit report doesn’t mean you will never be able to buy a house and a new car or truck.  Bankruptcy does not carry the same tarnish today that it carried in the days of your grandparents.

One of the primary temptations facing people who file for debt relief is the flood of new credit cards they are offered after filing for Chapter 7.  You will not have to wait years and years to build up your credit rating or to obtain new credit.