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First CreditUnion v. Seventh Circuit Rejects Consumer’s FCRA and FDCPA Claims Arising from Post-Bankruptcy Collection and Reporting Freeman v. The consumer filed for bankruptcy and eventually cured her pre-petition mortgage default through her bankruptcy plan payments. T-Mobile USA, Inc., 23-1952, 2024 U.S.
Filing for bankruptcy sets your credit score back significantly, but you can usually begin to recover within a few months and make meaningful progress within a year. Within two years, your credit score could be even better than before you filed. Filing for bankruptcy is a serious setback, but it’s not insurmountable.
Life’s uncertainties—job loss, emergencies, foreclosures, bankruptcies—can severely damage credit. With a commitment to bouncing back, discipline, careful planning, concrete goals, and strategic choices, it is possible to recover from financial troubles and rebuild your credit status.
Inaccurate Information on Your CreditReport Consumers should regularly check their current credit bureau reports to assess their overall credit rating and look for any potential errors. Each creditreportingagency will provide you a free copy of your creditreport that allows for reviewing your credit history.
Without any credit history, you don’t fall into any credit range. You’re credit invisible. It wouldn’t be fair at all to lump people who have made no mistakes in with those who have a low credit score because they declared bankruptcy. Most modern credit scoring methods bottom out at 350.
Also, if you pay your credit card bill regularly, your balance/utilization ratio may decrease. An individual’s credit utilization ratio indicates what percentage of their total available credit they are currently using. Bankruptcy counseling. You can also get free credit counseling through your creditunion.
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