For those unfortunate enough to have gone through bankruptcy proceedings, they will find that obtaining credit can be very difficult. One of the best things you can do following bankruptcy is to work on building your credit score back up, so that future lenders don’t see you as such a high risk. However, there are right ways and wrong ways of going about doing this, and while the wrong ways may promise quick fixes, there is no such thing when it comes to credit reports and ratings, so it is important to be aware of potential scams.
Both Chapter 7 and Chapter 13 bankruptcies can stay on your credit report for up to 10 years, although it is more than likely a Chapter 13 bankruptcy will be removed 7 years after the date it is paid in full. There are numerous companies offering assistance with repairing credit reports, or even claiming to be able to remove your bankruptcy completely from your credit report.
New York City (PRWEB) February 4, 2010
Newmark Knight Frank has announced that it will offer 15 surplus properties in 10 states at auction as part of a post bankruptcy liquidation plan for a major building supply company. Tranzon Integrated Property Group has been designated by Newmark Knight Frank as auctioneer to handle all of the auctions on a national basis. Properties to be offered include industrial, warehouse, commercial with retail, and land. Full due diligence materials can be found on the designated website: http://www.postbauction.com.
We have chosen the auction process as the most efficient method to market and sell...
These type of companies should be avoided at all costs as they are more than likely undertaking highly illegal practices, a few of which are outlined below.
Post-bankruptcy credit repair companies that request payment before they provide you with any kind of assistance are breaking the law. It is more than likely that any company asking for money up front will also not be prepared to tell your your legal rights, or give you any advice on things you can do yourself without charging you for it. These type of companies are also likely to advise you not to contact any credit agencies directly to try and correct errors on your credit report (something you can do for free yourself), or even worse, may advise you to contact them and dispute absolutely everything on your credit report.
A lot of these tactics are commonly deployed by so called credit repair agencies as for many people the world of credit reports and credit agencies is something they have very little understanding of and therefore are grateful for the help of an “expert”.
Perhaps one of the worst tactics that is used, is helping clients create a new credit identity, which in turn will have it’s own credit report that is clean. This is done by applying for an employer identification number which is used in place of your social security number. This is illegal, and if you were to proceed down this route you would be not only breaking the law, but committing fraud, which could well end up with you facing a heavy fine or even jail. These type of companies are not acting in the best interests of their clients, they have realised the potential to make money out of an area where people are generally desperate for help and therefore wiling to pay for it, acting in good faith on the understanding that their credit report will be repaired and they will be able to get on with their lives.