Anyone who has had to declare bankruptcy will tell you that it was a last ditch effort to save themselves and their family from long term financial ruin. While it may have been chosen by those just trying to get out of paying their debt in past generations, the new bankruptcy laws have made declaration much more difficult and those who are awarded it are in dire financial need. Bankruptcy is not an easy choice; nor is it an easy thing to live with after the declaration has been made. In fact, a declaration of bankruptcy will stay on a consumer’s credit report for seven to ten years and can make the procurement of additional credit – including a mortgage – quite difficult.

But as credit improves year to year, consumers can take small steps to improve it further, including applying and being approved for small lines of credit that they do not use, or pay off on a month to month basis; responsible decisions that will positively impact their credit report and work to raise their credit score. And in terms of making sure that such progress is forthcoming and that the decisions that the consumer is making is being reflected on their credit report, it makes sense to periodically order free credit reports.

Free credit reports give consumers access to their three credit reports – one report each held by the three main credit bureaus that disseminate our financial information. By going online to www.annualcreditreport.com we are able to get the free credit reports we need from Experian, Equifax, and TransUnion – one free credit report within every twelve month period.

These free credit reports will certainly not wipe bankruptcy away; but they will help a consumer who has had to declare bankruptcy move on with his life in a positive direction.

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