SOURCE: Oswalt Law Group

Oswalt Law Group

March 23, 2017 14:45 ET

Phoenix Bankruptcy Attorney Offers Advice for How to Re-Establish With Good Credit After Bankruptcy -- Oswalt Law Group

PHOENIX, AZ--(Marketwired - March 23, 2017) - Phoenix-based bankruptcy firm The Oswalt Law Group is offering advice to Arizonans on how to re-establish themselves with good credit after going through the personal bankruptcy process.

"Re-establishing yourself with good credit should be priority number one after you've been discharged from your debt responsibilities," explained one Oswalt Law Group attorney. "While it's true that you'll probably have to pay higher interest rates while the bankruptcy stays on your credit report, rest assured that it's not the end of the world."

Steps to Re-Establishing Good Credit

  • Pull your credit report and clear up any mistakes that are on it.
    Through the Fair Credit Reporting Act, all adult U.S. residents are entitled to a free copy of their credit report once per year. Any errors on the report could result in higher interest rates and loan denials. That's why correcting any credit report errors is essential.
  • Commit to paying bills on time.
    Paying bills when they're due is a powerful way one can show lenders they've learned from previous mistakes about financial matters. If there are not sufficient funds to pay all bills that are due, prioritize them.
  • Do not close credit accounts.
    Giving up on credit cards may sound like a good idea, but closing the accounts can do plenty of harm. Closing the accounts, even ones that are not used, will actually decrease the amount of available credit. Rather than closing an account, simply cut up the card instead.

About Oswalt Law Group: With offices in Phoenix, Tempe and Peoria, The Oswalt Law Group provides professional legal financial advice to Arizonans facing crippling debt. For information about strategies for reducing and eliminating debt, visit statewidebankruptcy.com or call (602) 225-2222.

Contact Information

  • Contact Information:
    Oswalt Law Group
    300 West Clarendon, Suite 290
    Phoenix, AZ 85013
    602.225.2222