Credit Repair Frequently Asked Questions

How long does bad credit stay on my credit report?

The law places limits on how long an agency or lender can report an incident or negative credit to your credit report. Under most circumstances the limit is seven years.

My Identity's Been Stolen, Where Do I Start?

If your identity has been stolen and used against you the first thing you need to do is stop the damage to your credit report. This is done by notifying the credit reporting agencies of the situation, which will put your credit file under a certain protective status where no new, damaging information can be added to the report without specific proof that it was you that incurred the debt. The next step will be in actually working with the credit reporting agencies and the various lenders that have reported to your credit to verify (usually using a police report or other proof) that your identity has been stolen and that the debts you dispute were not incurred by you. This can be a long and thoroughly intensive process and there are professional services that can help.

Do Credit Monitoring Services Hurt My Credit?

Usually they do not. Most credit monitoring services work by placing your credit report in a status that demands notification any time a new account that will report to your credit is opened. This monitoring itself does not appear on your credit, but it allows the service to know whenever something new does.

Does Checking My Credit Report Affect My Credit?

No. Viewing or pulling your own credit report has no effect on your credit. There are certain things you can do in looking for credit, however that can have a (negative) impact on your credit such as seeking credit from too many lenders at once. Even if you do not get a loan with a lender, asking them for a loan shows up on your credit as an inquiry which is a possible red-flag to other lenders.

Can I Go to Jail for Not Paying My Debt?

No. Unless your debt is to a government agency like the IRS, there are no debtor's prisons in the country. Owing back taxes or deliberately avoiding paying them can land you in prison.

Is it Possible to Restore Credit After Bankruptcy?

The short answer, yes. However, you will not be able to do so for seven years. During that time, it's important that you show that you can take responsibility of your finances so that when the bankruptcy is cleared from your history, creditors will put their faith in you as a trustworthy consumer. Work with your bank or credit professionals to get more extensive advice catered to your individual situation.