The terms “hard pull” or “soft pull” sound like sports jargon, but they do relate to personal credit. Specifically, they distinguish between two types of inquiries into one’s credit report, so they’re called “hard inquiries” and “soft inquiries” as well. What is this difference and when does it matter to New York bankruptcy debtors? The …
What Is a ‘Hard Pull’ or ‘Soft Pull’ of a Credit Report? Read More »
Sometimes New York bankruptcy debtors don’t file with their spouses, but when they do they (or their spouses) wonder how the bankruptcy will affect their non-filing partner’s access to credit or FICO scores. It’s an understandable sentiment because credit scores are both important and not important: It’s good to have high ones, but one’s life …
Does Bankruptcy Affect a Non-Filing Spouse’s Credit? Read More »
If you can’t drive if you’re under 16, can’t vote if you’re under 18, and can’t buy alcohol if you’re under 21, then how old do you need to be to file bankruptcy? One might think that the age would be 18 because that’s the usual age for engaging in civic activities, but in fact …
If you’re reading this post then chances are you are “potentially affected” by the data breach of Equifax, one of the three major credit-reporting bureaus. It’s probably the largest such breach in U.S. history. Equifax gathers and maintains all the personally identifiable financial information that a thief could want: people’s names, addresses, Social Security numbers, …
The Equifax Breach: What You Can Do to Protect Yourself Read More »
Not all debtors who file New York bankruptcy do so with no assets, no job, and no secured debts. For these debtors, a straight chapter 7 bankruptcy will suit them perfectly. Other debtors, though, may have more at stake. They may have savings, for instance, that offer a choice: file bankruptcy or try paying off …
One of the most common questions a New York bankruptcy lawyer hears is: How does bankruptcy affect credit scores? The best response is that credit scores are trivial compared to debtors’ financial problems. Bankruptcy is about accepting sunk costs of bad debt, even if it’s triggered by unfair circumstances such as a job loss or …
How Does the ‘Bankruptcy Flag’ Affect Credit Scores? Read More »
New York bankruptcy lawyers usually tell their clients to obtain a credit report before filing bankruptcy. Most debtors should be able to do this for free because the Fair Credit Reporting Act (FCRA) requires the three big credit reporting bureaus, Experian, TransUnion, and Equifax, to provide consumers one free credit report per calendar year, which …
CFPB Penalizes Credit Bureaus for Credit Score Marketing Abuse Read More »
Digital information is playing an increasingly important role in debtors’ lives and therefore in New York bankruptcy. For example, everyone knows about credit scores, but few know the relationship between credit scores and romance. Data analytics has even produced “bankruptcy risk scores” to help lenders estimate the likelihood that debtors will file bankruptcy. Even less …
In 2009, Congress passed the Credit Card Accountability Responsibility and Disclosure Act (CARD Act). Its goal was to prevent banks from taking advantage of credit-card users with excessive fees (mainly over-limit fees and late fees) and other tactics. A few of its notable provisions include setting minimum payment deadlines to 21 days after bills are …
The Evidence Is In: The CARD Act Helped Consumers Read More »
Credit scores were primarily invented to help lenders gauge debtors’ creditworthiness with a handy, neutral (hopefully) benchmark rather than relying on references or worse, insider dealings. It didn’t take long, however, for other parties to start using them, like landlords seeking reassurance that their tenants would pay rent on time. With employers, however, it’s different. …
New York City to Ban Credit Checks for Job Candidates Read More »
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