Understand Your Credit Rating

Excerpts From Filing Bankruptcy - Lancaster PA Intelligencer

"... most people don't truly have a sense of how close they are to the edge until something happens to them - a loss of a job, an illness, a pregnancy, a business failure, a divorce... Most people are 90 days away from Chapter 7, they just don't know it yet, and it really doesn't take much."

... "Last year, about 1.3 million personal bankruptcy petitions were filed nation-wide, a record high. More than 70 percent of those petitioners sought Chapter 7 protection.... Since 1994, personal bankruptcies have risen more than 44 percent nation-wide, Fortune magazine reported last year."

..."I don't think the majority of people who file for bankruptcy are irresponsible or even over-extended.... They are able to make payments until something happens."

..."Consumer debt runs deep nation-wide. Visa USA, the credit card company, estimates last year's bankruptcies eliminated $30 billion in consumer obligations, USA Today reported. Still, representatives from both MasterCard International and Visa say less than 1 percent of all bank-card accounts end up in bankruptcy."

..."Something is wrong if 1.3 million bankruptcies came about during a time of good employment and good economy."

WOW! These comments were only a small sampling which came from all over the country from authoritative sources. I just couldn't fit them all. Scary, huh!

Transitioning from one thought to another is often difficult but not this time. There is a Washington Post article written by Jane Bryant Quinn, How Your Credit Could Affect Your Career.

And speaking of credit reports, repair, and chapter filings (bankruptcy), I found the following sites truly outstanding in content information.

Free Advice-Consumer Bankruptcy - Self described as "The Most Comprehensive Site for Legal Advice and Information". I can't argue with that statement. It also has a good description of chapters 7, 11, 12, and 13 along with a whole bunch more.

Debtor's Options - Many attorneys automatically put their debtor clients into bankruptcy without exploring alternatives. This site introduces information about workouts, bankruptcy, and other options. No matter which option you decide fits your needs, doing any will be a major decision in your life.

Equifax How to Read Your Credit Profile - The title speaks for itself.

NCCS - You may not want to use their service but their site offers brief factual information on the subject "How to Dispute a Credit Report with a Credit Bureau"

Lastly but definitely not "leastly", one of the more common subjects I get in Email questions involves bad credit going into a new marriage. So I went to the pros at MyVesta.org (Phone 1-800-680-3328). Here's what they had to say:

Question: If a couple is getting married, does the past bad credit of one member affect the other?

Answer: If they merge their files it can. Once the new couple applies for joint credit a merged file will be created.

Question: Can creditors come after a new "credit healthy" spouse as they can with a former spouse like in divorce?

Answer: Not usually. However, some exceptions come to mind like tax liens.

Question: And if the consequence is negative, can the new spouse take any action to protect themselves?

Answer: Don't apply for joint anything.

Question: What weight would one spouse's former bad credit have on future joint loans.

Answer: [It] Depends on the weight that is being given to that spouse's income for the credit item.

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