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CREDIT
PROBLEMS
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HOW LONG DOES MY BANKRUPTCY REMAIN ON MY CREDIT
REFERENCE?
Your credit report will show your
bankruptcy permanently. This could make it
harder to rent an apartment, to obtain a credit
card at a favourable rate of interest, and
might make it very difficult to obtain a home
mortgage loan or insurance.
“Wiping the slate clean” through bankruptcy
also puts all future lenders on notice that
you have had difficulty repaying your debts,;
creditors are more likely to either refuse
to extend credit, or to make you pay (through
higher interest rates, for example) for the
additional risk they are taking in extending
you credit.
However, even with a bankruptcy on your credit
report, many lenders will do business with
you and extend you new credit. This is because
the discharge obtained in bankruptcy leaves
all future earnings free from the claims of
past creditors.
Copies of a credit report can be obtain from
Equifax,
www.equifax.com |
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