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Bankruptcy Can Improve Your Credit Score – Get FREE Credit Restoration after Bankruptcy… learn the “unfair” advantage.
(Only for my bankruptcy clients)
The decision to file bankruptcy is not an easy one. I know, I’ve been there. It was only 11 years ago that I found myself deep in debt and stressed to the MAX! I spent many a sleepless night wondering what the hell happened to me.
My decision to file bankruptcy was one of the most painful decisions of my life. But after it was “over”, and the fog cleared my brain, I became a sponge for information. I spent hours and hours at law libraries studying the law. I went to every credit seminar I could find (most were a joke). I read every “self help” book I could find (most were not worth the paper they were written on). I was on a mission to find the answers to credit restoration after bankruptcy.
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My fear was that I would have to live with bad credit for many years. I simply refused to believe that I had to “take it” from loan sharks and predatory lenders. There had to be a way to rebuild credit after bankruptcy.
And what I discovered was both astonishing and inspiring.
I took all of the information I obtained and like a Gold Miner panning for nuggets, I sifted through the B.S. and formulated a proven plan to quickly restore my credit after bankruptcy. The results: Within 5 months I qualified for a new credit card with a $5000 limit. Within 3 months I purchased a car on mainstream credit. Within 11 months I purchased a home with no money down. I have never looked back.
Now I want to show you the same proven plan I discovered. In fact, the opportunities available to you are even greater now than they were when I started out. And I’ve continued to “perfect” my after bankruptcy credit plan. If you know what to do – I’ll show you how – your credit can be dramatically improved after bankruptcy. This fact was recently reported in The Wall Street Journal, but it’s not “news” to me. I’ve know this for a long time.
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OK, before I list some of the steps we guide you through after bankruptcy, let’s get one important point clear: a bankruptcy can help your score over the short term and long term as well. Here's why: When calculating scores, the formulas developed by Fair Isaac (the company that calculates the most widely used credit score, known as the FICO score) are set up to grade your credit standing as compared with that of people in a similar financial position. It’s similar to being “graded” on a curve like you were in High School and College.
To do that, Fair Isaac divides people into different groups, using what it calls “score cards.” There is a separate score card for people who filed for bankruptcy. FICO then ranks you compared to other people who filed bankruptcy. And that’s where it gets exciting for you! Because I can show you how to do things – positive things – that not 1 in 100 people in your group are doing.
Again, when you file bankruptcy your score is determined based on how you do compared with other bankruptcy filers. Fair Isaac has found this to predict credit risk better. “It's a much fairer comparison,” they say. “You're not compared with people with rosy, perfect report,” they further say.
And as a result, credit scores can run the gamut among bankruptcy filers. In the bankruptcy filers group, you'll find some consumers who have very good FICO scores, some who have very bad FICO scores, and in between. I’ll show you how to be in the “very good” group. Admittedly, you won't be able to bring your score up to a perfect 850 as long as your bankruptcy stays in your report, but with good credit management after filing, a score in the mid 700s is possible.
OK. Let’s talk about a few things I do for my bankruptcy clients AFTER bankruptcy so that you are in the “good group” compared to others:
1. Obtain your credit reports. You have three credit reports. Three national credit bureaus, Equifax, Experian, and Trans Union, collect and compile information about consumer creditworthiness from banks, creditors and from public records such as lawsuits, tax liens and bankruptcy filings. They are known as the “Big Three” and each maintains a file on nearly every adult American. Your credit report is your financial resume. Your credit score is calculated from your credit reports. The first step in the credit repair process is to obtain all three reports from:
I.
II.
III.
Equifax
Experian
Trans Union.
2. Get all three of your credit scores. The higher your score the better your credit. Each credit reporting agency or “bureau” has their own credit score.
I.II.
III.
Equifax calls their credit score a BEACON score.
Experian calls their credit score the Experian Score or Fair Isaac Risk Model
Trans Union calls their credit score EMPIRICA.
3. Get your bankruptcy petition and all schedules, statement of financial affairs and amendments. What’s on your bankruptcy affects what’s on your credit report which in turn decreases or increases your credit score.
4. Scour all 3 of your credit reports. All three of your credit reports contain information which can either help you or hurt you. We do a projection for each report and show you what exactly needs to be done to get your credit score boosted.
5. Conduct “predictive analytics” for all three credit scores. Credit scores are based on many interrelated variables and permutations. The score is all of your credit information – late payments, history of each account, balances, types of credit, narrative descriptions, inquiries, etc. – distilled into one number. The credit score indicates your credit risk. Your credit score is designed to give lenders a fast, accurate prediction of the risk involved in giving you a loan. Risk scores streamline the underwriting process. If you know how to manipulate your score, you can create more opportunity for you to save money month after month, year after year. Scores range from the 300s to about 900. Your score should be at least 700, so that is our goal to achieve for you.
6. Pursuant to the Fair Credit Reporting Act (FCRA) we correct, update and challenge inaccurate, misleading and unverifiable information. Our experience is that almost anyone who has filed for bankruptcy, as a result of that bankruptcy, has information on their credit report that can be removed and, by removing it, will dramatically boost your score. The FCRA imposes restrictions and duties on the credit reporting agencies and on the businesses that use credit scores, and on creditors who report consumer information about you to the credit bureaus. The FCRA seeks to ensure that the information contained in your credit report is accurate, verifiable, and not misleading. The FCRA establishes procedures for investigating and verifying information on your credit report. We know all the “tricks” maximizing the law to your advantage. We give you an easy to use program to obtain superior results.
We use these other Federal laws to boost your credit score...
7. The Fair Debt Collection Practices Act. The Fair Debt Collection Practices Act (FDCPA) was written to protect consumers from deceptive and abusive debt collection practices. This federal law can help you restore your credit. The Fair Debt Collection Practices Act applies only to third-party collectors, not to original creditors. The protections against these third party collectors are extensive and range from limitations to prevent fraud and deception to restrictions on whether they can even collect the debt.
8. Fair Billing Act. This is an overlooked law that we use to wipe out negative items on your credit report while keeping “positive” information and therefore boosting your credit score. This law, in short, requires creditors to bill you accurately. The problem is many of them don’t or they can’t prove that they billed you accurately.
9. Title 11 of the United States Code. This Federal law is made up of various chapters which impose duties and obligations on your creditors in the event you file for bankruptcy. It is common for creditors to continue to falsify and collect on debts which were paid, settled or discharged in bankruptcy. If a creditor or collection agent is attempting to collect a debt that was included in bankruptcy, or if credit items are appearing on your credit report, you can collect damages (money) and repair your credit at the same time.
10. Federal Truth in Lending – a powerful law if you know how to use it. This federal law was enacted in 1968 with the intention of protecting consumers in their dealings with lenders and creditors. The Truth in Lending Act was implemented by the Federal Reserve via a series of regulations. The most important aspects of the Act concern the pieces of information that must be disclosed to a borrower prior to extending credit: annual percentage rate (APR), term of the loan and total costs to the borrower. This information must be conspicuous on documents presented to the consumer before signing, and also possibly on periodic billing statements.
Communicate with creditors, collection agencies, and credit bureaus to remove derogatory info...
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11. We write carefully drafted letters which are mailed to the original creditors demanding specific information. A complete understanding of federal consumer law is mandatory. Late payments, charge offs, delinquent accounts, and other derogatory information must be legally removed. Your creditors probably will not comply with the law unless they are challenged by the law. You need to be extremely pro-active or hire a professional who is pro-active.
12. We customize and draft letters to all three credit bureaus. Understand that your creditors communicate with the credit bureaus and are essentially “in bed” together. That’s why holding them both accountable is critically important. Federal Law (cited above) allows you to challenge negative marks on your credit directly with the credit bureaus. There is a “burden of proof” that each creditor must meet if late payments, collections, charge offs and other negative items are allowed to stay on your credit report. I have successfully removed thousands of negative marks from Wisconsin consumer’s credit reports.
13. Timing is everything! All communication is carefully catalogued and the time limits demanded and shall be adhered to. Unless your creditors are put on notice – for the record – they typically ignore any communication or stonewall it. You should not allow this to happen under any circumstances. Timing is everything. Knowing exactly what to write and when to write it will make a dramatic difference in your credit score. It can quite literally translate to you wasting thousands of hard earned money. The rich get richer because they get the right information. We will give you the right information so you too can become financially independent.
14. We continue to monitor the credit report with your help. This is important as statistics show that credit bureaus often allow what are called “soft deletes” and so they allow information to re-appear on your credit report when they should stay off of your report.
15. There are more powerful steps! We’ll show you if you decide to work with us.
Bottom line: We want to give you an almost “unfair” advantage over other bankruptcy filers. If you follow a simple plan, you can have your best credit ever!
Call Now! For a limited time only we are offering “free” credit restoration for our bankruptcy clients so you do not pay one additional dime in legal fees if you hire our firm to wipe out your debt in bankruptcy. 800 969 4444 or 414 271 9200.
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