For your convenience and review, we present here some of the topics we detail on that site.

Simply select the title of that topic in which you have an interest and you will be taken directly to the full article.

• Auto Finance For The Self-Employed

• Auto Finance After Repossession

• Auto Finance After Foreclosure

• Auto Finance After Bankruptcy

• Auto Finance During Bankruptcy

• You’ve just gone through a bankruptcy

• Your bankruptcy has discharged

• You’re ready to clean up your credit report

We’ve already given you some of the bad news about your credit report in the article “Bankruptcy – What Just Happened.” At this point, we want to give you some further insights and the means to really do something about your credit report.

Bankruptcy usually will destroy even the best of credit ratings. Your score will take a major hit and all those debts that were put into the bankruptcy are still on your credit report.

Each month that passes usually causes those old debts to show even more delinquent than the previous.

First of all, you must realize that it’s not the credit bureau’s fault. Nor is it your lawyer’s fault. No – the fault lies squarely with your creditors.

Since they are not under any obligation to update your credit file in a timely fashion, a lot of them will drag their heels in taking care of this. Does the term “vindictive” come to mind?

The good news is: you can do something about it.

It really isn’t terribly complicated, but there is a process you need to follow to accomplish your objective.

Will all those old debts “magically” disappear? Nope. So, what’s the point?

The point is this: by simply updating that really ugly credit report and showing that those debts were included in your bankruptcy, you may realize a truly significant rise in your credit score.

How does that reflect in my score?

It’s simple. Instead of having a creditor report your account as “delinquent” with a terrible rating, it now will report as “included in bankruptcy” with no rating attached.

Take, for example, the case of a car loan where a car was surrendered in the bankruptcy. It doesn’t matter if it was voluntary or not – it’s a repossession.

And just what do you think your chances are of getting another car loan now? Remember, you now have a “Repo” in your credit file.

If you guessed “not so hot,” you’re right on the money.

Now, if that same car loan gets reported as “included in bankruptcy” instead of “REPO,” you just increased your chance of getting financing by about 100%.

So, let’s get on with what you need to do in order to get that “fresh start” that the bankruptcy was supposed to give you.

First of all, you will need your bankruptcy papers. That big stack that your lawyer gave you when you filed your bankruptcy.

Find the “Schedule of Creditors.”

You will need 3 copies of this schedule for each person named in your bankruptcy filing.

Now, find your “Letter of Discharge.” Once again, you’ll need 3 copies of this letter for each person named in your bankruptcy filing.

Place a copy of the Discharge on each of the copies of your Schedule of Creditors. You’re going to mail this stack of papers to each of the 3 credit bureaus, along with a cover letter.

The cover letter can be short and sweet. Here’s what we recommend:

Gentlemen:

Please use the enclosed Federal Court Documents to update my credit file.

Sincerely,

That’s it. No excess verbage. No threats. None of that helps, anyway.

Now, here’s the really good news. The credit bureaus are fanatic about accurately reporting your credit file. Not that they’re on your side – they are forced to do this, by law. And they don’t want the Federal Government crawling up their backsides.

As a result, the credit bureaus will do the work for you. They recognize the court documents and will use them to update your file for you.

Doing this on your own would involve your contacting each and every creditor and then forcing them to update your credit files. Let the credit bureaus do it for you.

After you’ve gotten all these papers together, send each of them to the 3 credit bureaus.

Send it by certified mail with a return receipt.

You want to know that they got there. And you want to know when they got there.

The credit bureaus have 30 days to update your file, so don’t get anxious. Our experience has shown that they usually will send you an updated report, showing all the changes, within 2 to 3 weeks.

Now that you’re armed with what you need, there’s no need for you to endure an ugly credit report any longer.

Credit Bureaus and Their Addresses:

Equifax
P.O. Box 740241
Atlanta, GA 30374

www.equifax.com

Experian
P.O. Box 2104
Allen, TX 75013-2104

www.experian.com

TransUnion
P.O. Box 2000
Chester, PA 19022

www.transunion.com

Bankruptcy can be bad for your health.

All too often we encounter people that have filed for bankruptcy that have a really lousy outlook – both on themselves and their situation.

All too often, they’re depressed. Disgusted. Feel like they’ve lost control. Feel like failures.

Any of those fit you?

Well, they shouldn’t. Bad things happen. Whether we like it or not. The reality of the situation is not so much what’s happened – it’s all in how we react to the situation. How we let it affect us.

Sure, it’s more than a little intimidating sometimes. After all, you now have to deal with lawyers, trustees and more. For many, it may represent their first-ever trip into a courtroom. So how should you handle all this?

Relax.

That’s right – relax. It will be over soon. And then you can get on with your life. Put it behind you. Learn whatever lessons you need to from the experience and move on. It really isn’t the end of the world, you know. There are far worse things that could happen to all of us.

Economic downturns, corporate downsizing, the mortgage mess – all of these and countless other factors have resulted in unprecedented numbers of people being forced to file bankruptcy.

And it doesn’t appear that things will improve very much in the near future.

There is an old saying – “You’re known by the company you keep.”

Try these names on for size: John Connelly (former Governor of Texas), Burt Reynolds, Kim Bassinger, the Hunt Brothers (the ones that used to control the silver market) and how about Delta Air Lines.

What do they all have in common?

They all, at one time or another, filed for bankruptcy. There are some pretty big names in that list. So, don’t feel too bad if you’re in that list too.

You can recover. You’ve come to the right place. We have real resources that get real results.

Over the years, we’ve seen an awful lot of people with false expectations and some outright misconceptions about their bankruptcy. The best way to clear the air is to describe what exactly happens when you go through a bankruptcy.

Most people have the false expectation that the debts that were put into the bankruptcy just “disappear.”

I really don’t like being the messenger of bad news, but folks, that just ain’t so.

A quick look at your credit report may just startle you. The debts are still there. And most of the time, these debts are still being reported as past due, delinquent, derogatory – you name it.

The usual reaction for most people is to launch into an angry tirade against the lawyer they used for their bankruptcy. And, they’re wrong in this assumption. Dead wrong.

First of all, unless you hired your lawyer to help in rehabilitating your credit, you got exactly what you paid for. The lawyer did their part. Those debts are now no longer your problem (as far as repaying them, that is).

The debts have been “discharged.” That’s what the court labels them. Once the debts are discharged, you are no longer legally liable for them.

So what about that ugly credit report?

That’s another matter altogether. You must understand this: the credit bureaus merely report the information supplied by your creditors.

Technically, these creditors are supposed to now report those old debts as “included in bankruptcy.”

But there’s a rub. Or, if you prefer, a loophole.

They are under no time limits for updating your credit file. And, unfortunately, there are an awfully lot of them that just never seem to “get around” to updating your file.

That’s the bad news.

Now, for some good news.

You can get that mess cleaned up.

That’s right. You have the ability to actually get your credit report changed. We’re not going to go into the details here – you can follow the easy step by step process in Cleaning Up Your Credit After Bankruptcy.

That’s not the purpose of this article. We just wanted to let you know the bad news. And to let you know, you can do something about it.

So what are you waiting for? Get started now cleaning up your credit after bankruptcy.

Let’s take basketball as an example. There’s no way you could have the slightest chance if you didn’t at least know the basic rules of how the game is played.

The credit game is the same as any other – it has it’s own set of rules.

Try playing in this game without knowing those rules and you’ve got no chance.

In kindergarten, we learn a few principles that will serve us well throughout our lives. Share with others. Treat others with kindness. Be nice.

If we learn those things, chances are good that we will grow up to be happy, well adjusted and maybe even successful.

Those that don’t learn those principles grow up to work in the credit business.

The rules of the credit game have been zealously guarded from the public for decades. The few people on the inside that know the rules don’t like to share.

Through experience, we’ve managed to acquire knowledge into the inner workings of this secretive industry.

For you to have any chance in this game, you need to understand the following principles:

• Banks (and most of the people that work in them) don’t think like normal people

• Very few banks or finance companies bother to update your credit file if you file bankruptcy

• Credit bureaus only report what is reported to them (accuracy is assumed – you are the one in the wrong)

• Credit bureaus are not in business to help you (unless you know your legal rights – then you are their enemy)

Just knowing these core concepts will serve you well.

In our experience, we have managed to learn how those in the credit industry think. And we’ve learned what really works.

Armed with this knowledge, we are able to equip you with a weapon that they cannot begin to comprehend.

It’s called common sense.

All our strategies are guided by applying common sense to the inner workings and processes of the credit world. The good news is this – it works!

Just remember – there are no guarantees.

So if you’ve been contacted by one of those “credit repair” scams that guarantee results for you – drop them like a toilet seat. The only “guarantee” you’ll really get is that your bank account will get a lot lighter.

Times have changed.

The credit bureaus are now, for the most part, consolidated into 3 major entities. We know them as Equifax, Experian and TransUnion.

Huge corporations. With enormous power and influence. Yet, they have managed to operate in relative obscurity for decades. Only recently have they been exposed to the light of scrutiny.

While time has changed the face of this industry, there are some basic elements that have never changed.

The following is the true account of a visit to one of the credit bureaus. I encourage you to read it through to the end as there are some crucial elements in this account that you need to know if you want any chance at dealing with the credit bureaus.

This is a true story – it took place many years ago, but it’s still relevant today.

*****

Having been denied credit by a local merchant, I was informed that it was due to a bad report from the “credit bureau.” That’s it.

Nothing further. Not even a phone number or an address of this mystical place.

My initial challenge was to first locate this temple of secrecy. And that proved to be a real quest. With no listings in the phone book for “credit bureaus,” it appeared that my search would come to a quick end.

Grumbling about the situation with a friend (who was also a local merchant), he told me that the “credit bureau” didn’t exist. It went by a different name altogether.

Swearing me to secrecy, he was enough of a friend to share that “insider” information with me. I don’t recall the exact name, but it was something on the order of “The Hightower Consumer Information Reports Agency” or some similar claptrap.

Finding them in the phone book, I was struck by the fact that there was no address listed. Just a phone number. So, I called them up. No – they wouldn’t discuss ANYTHING with me.

I was informed that if I wanted, I could make an appointment to come into their office and discuss the “matter.”

I want you to understand that this was a small community that I lived in (population of less than 10,000) and I knew my way around pretty well. The directions to their office were questionable – just enough information to make you drive in circles.

With persistence, I was finally able to narrow down the possible locations to two adjacent offices. Neither had a street-front or a street-level entrance.

No – they were located off what can only be described as an alley-way and neither had ANY identifying marks of any kind. Not even a street number.

Arriving early for my appointment, I went into the first office. SUCCESS! I had found it!

I was greeted by an old woman with a scowl on her face. She didn’t say a word. She just sat there and glared at me.

So I introduced myself and informed her that I had an appointment. I was informed, tersely and rudely, that the ONLY individual that I might speak with had decided to take the day off and there was no one else that could help.

No – I could NOT make another appointment. Call back – maybe tomorrow.

After about a dozen calls, I finally was able to get another appointment. It was starting to dawn on me – in a rather uneasy way – not only did these people not want to be found, they didn’t want ANYTHING to do with a consumer. The only real joy they had was in other people’s misery.

As I entered their office for my next appointment, I encountered the same greeting. The old woman reluctantly got up and went into the back of the office. Some 10 minutes later, she reappeared. She didn’t say a word.

After another 20 minutes or so of waiting, another old woman, just as sour and mean-spirited in temperament as the first, appeared in the doorway leading to the back. She barked a single command – “COME HERE!”

We entered into a room filled with file cabinets and dim lighting. I felt as though I had just stepped into a Dickens novel. After being seated at a huge wooden table, she asked the nature of my business.

So I explained. She demanded my full name, date of birth, social security number and current address. Then she disappeared into the files.

She re-appeared carrying a couple of hand-written 4 x 6 index cards. Seating herself across from me, she announced that yes, there were DEROGATORY items in my credit file.

She was obviously quite pleased and smug with this pronouncement.

Surprised, I asked what they were.

Silence.

I then advised her that I had never had ANY bad accounts with anyone. She just glared back at me.

I asked if I might look over the records to determine the nature of the bad report. I was informed that there was NO WAY that I would EVER be allowed to view their “confidential” records.

It took a great deal of coaxing to get her to share anything that was in my file. She guarded those cards like Fort Knox.

It was only when I suggested that I may be able to PROVE my case if she would just let me know the nature of the derogatory items that she finally relinquished. It seems I had been late in paying the bill at a local tire store.

Not so, said I. That must be a mistake. I had paid the bill before it was due.

Not according to her records – and her records were always accurate.

Well now. Just what did she need to change those records?

Proof. In writing. So I told her I would bring the proof.

When I returned, she took my receipts into that back room again. I could hear her talking on the phone with the tire store. “This man CLAIMS that he paid you on time. He even has a receipt with him, but I SUSPECT that it’s a FORGERY.” (Her emphasis – not mine)

And then, I heard the magic words – “Oh, REALLY? Well, you know that it’s up to YOU to keep these things straight.” Bang! – she slammed the phone down.

She then re-appeared and announced, in a tight-lipped voice – “Well, it looks like you’re right. The tire store gave us mistaken information. I’ll update your record.”

It had only taken me some 3 months to remove an incorrectly reported $200 delinquency.

*****

So how does all this relate to today, you ask. After all, times have changed. Right? Right?

Today we have automated reporting, super computers and databases.

Your assumption would be only partially correct. Yes, the times have changed. But some things haven’t.

The difference between then and now is this-

• Yes – today we do, in fact have automated reporting, super computers, databases and massive data centers to manage records.

However, some things never change -

• Today, the credit bureaus still don’t want you to find them and they still don’t want anything to do with consumers. The ONLY reason you can even get copies of your credit file is because congress made it a law.

• Today, those very same mean, bitter, distrustful old women are still in charge. They still take even greater joy in your misery.

• Today, those very same mean, bitter, distrustful old women stand as self-appointed guardians over the automated reporting, super computers and databases.

And, I suspect, a really big room full of index cards.