Nassau County Credit Repair

Many people go through periods in which they have trouble paying their bills. There are many possible consequences of late bill payments, including creditors and bill collectors constantly calling you, garnishments, bank account levies and foreclosure. Another consequence is a damaged credit score. However, even after suffering serious financial problems, once you get back on track there are ways to restore your credit rating. Many people believe that once they have had serious financial problems that resulted in filing for chapter 7 bankruptcy, chapter 13 bankruptcy, wage garnishment, evictions, short sales, or repossessions, it is impossible to ever again have a good credit rating. This is not the case. If you have fallen behind on your bills and as a result your credit score has been damaged, it is important that you immediately contact an experienced Nassau County Credit Repair Lawyer who understands the Fair Debt Collection Practices Act and who will help you take steps to repair you credit rating.

The term "credit repair" describes the process of identifying information on your credit file that is damaging to your overall credit rating and taking steps to remove that information from your credit file. There are 3 major credit reporting companies: Transunion, Experian and Equifax. Creditors report both good information and bad information 1 or all of these companies. Positive information will result in your credit rating being positive, and as a result creditors will be more likely to lend you money with favorable payment terms. On the other hand, when creditors report negative information such as late payments or accounts that have gone into collection, your credit rating will be negatively impacted. The lower your credit rating, the more difficult it will become to get a car loan, a mortgage, or a credit card with favorable terms. Thus, if there is negative information in your credit file, it is important to take steps to get that information removed.

Creditor repair efforts are focused on removing inaccurate information from your credit file and removing accurate but negative information from your credit file. Federal law allows negative information to remain in your credit file for 7 years. Certain types of negative information will remain in your credit file for 10 years. However, creditors can direct credit reporting companies to remove information from your credit file prior to the maximum time period.

In some cases the negative information that is on your credit report may be inaccurate. This could happen for a variety of reasons. One objective of the credit repair process is to identify information which is incorrect and work directly with the credit reporting agencies to remove that information.

In other instances the negative information is indeed correct. In these instances the credit repair process involves using strategies to get such information removed or lessen the impact of the negative information.

If you have had debt problems that have affected your credit standing, there are ways to improve your credit score. Credit repair is complicated, involving an understanding of federal and state credit reporting legislation and consumer rights. The staff at Stephen Bilkis and Associates has extensive experience helping clients avoid garnishments, eliminate debt, responding to creditors' claims, filing for chapter 7 and chapter 13 bankruptcy, and dealing with out issues related to debt relief. Contact us at 800.696.9529 to schedule a free, no obligation consultation regarding your debt issues.