What are Credit Bureaus?

A credit bureau is merely a clearinghouse for credit history information. When a consumer applies for credit the potential lender requests a copy of that consumer’s credit report.

The Law

The Fair Credit Reporting Act was enacted in 1971. This act states that if you have been denied credit, the merchant that denied you credit must tell you the reason why.

Credit and Divorce

Divorce is never easy but it can get even trickier when it comes to sorting out credit. You will want to pay particular attention to issues involving credit.

Debt Management Programs

For the typical debtor that’s in need of it, a debt management program will improve their credit rating. Just remember - debt management programs may improve credit ratings but they can’t change any past credit history.

Personal Bankruptcy

Bankruptcy is a legal process that gives people who can’t pay their bills a chance to start over. In general, bankruptcy should only be considered as a last result as it is a major step that will impact many aspects of your life.