Bank finance articles and tips

Declaring a Chapter 7 or Chapter 13 bankruptcy is a great financial option for those struggling with crippling debt - but there may be a few questions that you're asking yourself: what exactly happens to your credit score when you declare bankruptcy? How will your credit be affected once your bankruptcy is confirmed? What should you do in order to take advantage of the second chance that bankruptcy gives you?

Luckily, the Fair Credit Reporting Act (FCRA) is there to help curious consumers to shift through any credit confusion. Passed in 1970, the Fair Credit Reporting Act is a law enforced by the Federal Trade Commission that protects the basic rights of credit consumers in the United States. While the FCRA was established to put an end to extreme harassment from creditors and debt collectors, this act also allows consumers to receive one free credit report per year in order to check for any reporting errors that may cause a person's credit score to be lower than usual.