The Miller Law Chronicles Episode 008 | Milwaukee, WI

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The Miller Law Chronicles Episode 008

by | Jul 12, 2023

On today’s episode of The Miller Law Chronicles, we’ll dive deep into the critical first step for anyone looking to improve a poor credit score: getting a clean credit report free of negative items.

Having late payments and unpaid accounts removed from your credit reports is essential. You need accurate reports that reflect your current situation and ability to manage credit responsibly. But simply getting caught up on bills may not be enough – the negative items must update to show the debts as paid as agreed.

Bankruptcy is often the most effective way to completely erase multiple debts at once and ensure a thorough cleanup. After a bankruptcy discharge, I advise our clients to verify every account report accurately as paid in full.

An accurate credit report with all debts properly resolved and updated finally lays the foundation for credit repair and rebuilding your score over time. You’ll slowly regain access to loans, mortgages, insurance and other credit lines with better terms and interest rates.

So whether you determine debt negotiation or bankruptcy is right for you, and take the necessary steps to get accurate, cleaned-up credit reports, that is truly the vital first step in the long process of boosting a bad credit score and fully restoring your credit worthiness.

Tune in to today’s episode of The Miller Law Chronicles to hear my full advice on resolving your debts, clearing negative items from your credit reports, and taking that important first step toward improving bad credit.

Here are some other topics James discusses in this episode:

  • Payment history and debt-to-income ratio: These two factors significantly impact your credit score. A high debt-to-income ratio, even with on-time payments, can lower your score.
  • Debt negotiation vs bankruptcy: While debt negotiation can work, it’s important to resolve all debts, not just some, to fully improve your credit. Bankruptcy ensures all debts are wiped out at once.  
  • Verifying debts are reported as paid: After bankruptcy discharge, you must verify with credit bureaus that discharged debts now correctly show a paid status. This impacts your debt-to-income ratio and ability to rebuild credit. 
  • Access to credit: With bad credit, you’ll have difficulty obtaining loans, insurance and mortgages at good rates. Improving your credit score through a clean credit report allows you to access better terms for credit in the future.

Thank you for listening to this important and impactful episode of The Miller Law Chronicles.

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