Chicago Credit Restoration Attorney

We Can Help Rebuild and Increase Your Credit Score

Are you worried about restoring your credit after bankruptcy? At Smith Ortiz, P.C., we can help. Most people who file for bankruptcy are already suffering the consequences of having a low credit score due to late payments, charge-offs or other damaging information on your credit report. After you file for bankruptcy you have a real opportunity to get your credit back in shape, as you no longer owe the majority of the bills that were showing on your credit report.

Credit restoration can involve the following:

Medical bills
Credit card bills
Unpaid utility bills
Other unsecured consumer debt

Need to restore your credit? Work with our experienced Chicago credit restoration lawyers at Smith Ortiz, P.C. Contact us online or call (312) 945-7451.

How Long Does Credit Repair Take?

The length of time it takes to repair credit depends on how severe the things are that are affecting it. However, on average, it takes about 3 to 6 months to repair or restore credit.

Below are examples of minor things that can affect your credit negatively:

Name misspelling
Inaccurate account balances
Duplicate accounts

These can be fixed within months.

Serious matters that can affect your history for years:

Late payments
Collections
Bankruptcies

What is Credit Restoration?

Credit restoration is a process to improve your credit score by attempting to fix some of your bad credit history. You have a legal right to dispute information on your credit report. It can take time, but doesn’t always work. If you’ve already filed for bankruptcy, the best way to improve your credit score is to follow some simple steps.

Steps to the Credit Restoration Process

The process of restoring credit involves these simple steps:

Ensure that your credit report is accurate, and shows the discharged debt (the discharge of debt changes your debt ratio, an important point in a credit score). Report any inaccuracies to credit agencies.
Make a monthly budget of your spending and follow it carefully. Also, try to make a monthly savings goal as well and stick to it so you can build a financial safety net.
Make all of your payments on time so that no late payments are listed on your credit report after your bankruptcy is complete, so that all reports going forward are positive.
Get a secured credit card and pay it off every month. This helps you to build up a positive credit history and improves your score over time. Shop around for the best deal; usually ones that don't require a big upfront fee or monthly fees.
Never buy anything on credit that you can't afford, or will make your budget too tight. There are always unexpected expenses that pop up and this could be dangerous. Making payments on time and in full is a critical part of restoring your credit.
If you have not paid off your student loans, do so because these are very rarely discharged in a bankruptcy.
Set up an automatic payment plan so that your bills are deducted from your account so you are never late. Most companies will allow you to choose the date of payment, and you can arrange this based upon when your paycheck arrives in your bank account.

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Call Smith Ortiz, P.C.

Once your bankruptcy is completed, you can turn the situation around through a strategy that builds your credit back up. Although your credit score will be lower after filing for bankruptcy, it was likely already in the danger zone, and with the right strategy you can be back in shape far more quickly than expected. Bankruptcy can show on your credit report for up to 10 years, but most creditors will be looking at your more recent financial dealings rather than holding you accountable for bankruptcy for the entire 10 years. In fact, a foreclosure will often have longer-term implications than filing for bankruptcy.

With an experienced credit repair lawyer on your side, you don't have to worry. Millions of people have filed for bankruptcy since 2008. Banks and other lenders make decisions based upon current risk. If you show a positive record of paying on time, an auto loan company is likely to extend you credit, although you may pay a higher interest rate. After paying for a year on time, you can seek to refinance your car through another lender that can provide a much lower interest rate. Get interested in your financial health and you can turn the situation around quickly, and soon enough you will find yourself back in good shape with regard to your credit report.

Need help restoring your credit after bankruptcy? Call (312) 945-7451 for information and assistance in all debt relief matters from credit repair attorneys in Chicago.