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Most Recent Articles
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- Credit Counseling Clients Hurt By New Bankruptcy Requirements
The Bankruptcy Abuse and Consumer Protection Act was passed in early 2005 with the overwhelming support of the President, both houses of Congress and the major credit card companies. The law, which created sweeping changes in American bankruptcy law, was passed in order to reduce the possibility that consumers with heavy debts might avoid choose to avoid paying them by seeking debt relief through the courts. The Act has many provisions, but the one that may hurt consumers the most was the one provision that was intended to help - the requirement that debtors undergo mandatory credit counseling before filing for bankruptcy. - Credit Reports Can Help And Hinder
Over time, people are becoming more and more aware of the importance of both their credit report and their credit score. These two pieces of information are vital tools for lenders or creditors, who use them to decide whether or not to offer a loan or credit to an individual. Higher FICO scores and reports with good entries tend to lead to loans or credit; poor scores and negative entries tend to lead to having requests declined. While consumers may recognize the importance of credit reports, they may not appreciate what kinds of entries appear on the document or how long they stay there.
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