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Hmbr Arc Rec- Myths About How Bankruptcy Debunks The Credit Score

Hmbr Arc Rec- Myths About How Bankruptcy Debunks The Credit Score.

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Hmbr Arc Rec- Myths About How Bankruptcy Debunks The Credit Score

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  1. HmbrArcRec-MythsAbout How Bankruptcy Debunks The Credit Score Bankruptcyisnotagoodstatetobein andwhatwefearmost isitcausesharmtoourcreditscore.It’snot alwaysanoption peoplego forbutsome circumstancescanleadto itbeingthe lastchoice tosupportthemliquidatingassets,discardingor payingoffdebts, andgettingsomefinancial relief. Hmbr Arc Recexplains howthere are somemythsaboutabankruptcy affectingyourcreditscore.

  2. Myth 1  If you don’t hold negative data on your credit report earlier to bankruptcy, you will have a larger post-bankruptcy credit score than if your report included negative information from the filing. The Truth: Positive payment records and a decrease of negative information does very little to lessen the influence of bankruptcy on your credit score. The appearance of bankruptcy, and the period of time the bankruptcy has been on your report, are the most powerful determining factors.

  3. Myth 2 All bankruptcy information tarries on your credit report for ten years, without exemption. The Truth: Only the public record of a Chapter 7 bankruptcy remains for ten years. All other bankruptcy writings remain on your credit report for seven years. Myth 3 You will have bad credit as long as the bankruptcy information lingers on your credit report. The Truth: You should assume a dramatically lower credit score after bankruptcy, you can start to create your credit back up with active credit management. After four or five years, you may even be qualified to crack the good credit score range.

  4. Myth4 Bankruptcychangesthecreditofall consumersequally, despite the amountofdebtorthe number ofdebtsincluded. The Truth:Yourcreditscorewilldifferincircumstancessuchas the volumeof debtdischargedandthebalanceofnegativeto positive accountsonyourcreditreport. Allbankruptcyisnot thesame andbecause ofthat,thecredit scoreisaffectedaccordingtothekindofbankruptcyyouface. AccordingtoHmbr ArcRec,theabove-mentionedmyths are tobeclearedoffandbankruptcyisnotpermanentsothe credit scorecanbetackled.

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