What You May Not Know about Your Credit Report

Your credit report, as issued by the big three credit reporting agencies of Equifax, Experian, and TransUnion, is used to determine your creditworthiness. The information that goes on these reports range from revolving credit at department stores to bank-issued credit cards, home mortgage loans, auto loans, student loans, collections, and other public records. Those agencies issuing credit or seeking collections are not legally required to report your credit information to the credit reporting agencies. But, if they don't, they will not have access to these records when it comes time to decide whether or not to issue you future credit. As a result, the majority of those who issue credit opt to report updated account information to these agencies every month. As a consumer, you cannot force any credit reporting bureau to include an account you have that is missing from the report.

Accounts that are included on credit reports include gas cards, charge cards, credit cards, auto loans, personal loans, student loans, equity lines of credit, and mortgages. Other information which may show up on a credit report includes those from public records, such as tax liens, civil judgments, Chapter 7 and Chapter 13 bankruptcies, and evictions through the courts. Credit reporting agencies can get this information through electronic access to court records. A personal bankruptcy, for instance, may remain on your credit report for up to ten years. Should you see an error on your credit report, it is important to dispute it as soon as possible. Experts recommend gathering the pertinent information and documentation and contacting the credit reporting agency online for fastest resolution.

Bankruptcy Representation in Chicago, Illinois

Mounting credit card and other unsecured debt can lead to a hopeless financial condition, especially in cases where the individual has lost a job, been subject to reduced hours or wages, has experienced a costly divorce, illness, injury, or business or investment loss, or some other unforeseen disaster. Those who are facing foreclosure, repossession, wage garnishment, or other legal action may also be looking for a means to handle these situations. Consulting with a knowledgeable and skilled attorney can be the most important step you take to resolve these matters.

Attorney Joseph P. Doyle offers comprehensive legal assistance to individuals and families facing this type of financial distress in and around the Chicago area. Mr. Doyle believes that the best thing you can do is to educate yourself and explore your options. To that effect, he offers a free, initial consultation to prospective clients looking for debt relief answers. His firm handles Chapter 7 and Chapter 13 bankruptcy, alternatives to bankruptcy, credit restoration, and legal assistance with other financial matters. Attorney Doyle and his legal team are dedicated to giving you personalized and competent legal help when you need it the most. Contact the firm to get started with your consultation today.