While researching our competitors on the web, we discovered
various mistruths, which, either on purpose or accidentally, trumpeted
concepts that are absolutely unbelievable. Here are just a few we feel
it is critical to warn you about, whether or not you decide to choose
Access Bankruptcy Counseling to help you alleviate your debt.
"Bankruptcy may actually improve your credit rating"
This myth, found on a site which sells a "Complete Bankruptcy Guide",
was one of the most flagrant we have ever encountered. The truth is: bankruptcy
is by far the worst possible action to show on your credit report. It
can all but prohibit you from obtaining credit cards, and can drastically
limit your ability to obtain credit of any sort. And, a bankruptcy remains
on your credit report for more than 10 years.
"You can build your credit rating back to A+ standing
quickly after bankruptcy"
Obviously, this myth is one of the most damaging we have ever seen. If
a person declares bankruptcy under the impression that this might be possible
in any way, the consequences can be horrible. The truth is: it takes at
least five years to rebuild your credit rating after a bankruptcy, and
this often can only be accomplished using such vehicles as secured credit
cards and high-interest secured loans. Either way, a bankruptcy remains
on your credit report for over 10 years, and continues to unfavorably
affect credit decisions for years to come.
We are always interested in presenting new myths on our website in order
to warn our clients and visitors of shady claims. If you have a myth you'd
like to contribute, please contact us here.
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