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deleted from your credit record after seven years. 
The right to have a bankruptcy deleted after ten years.
The right to sue a credit bureau for damages if it willfully 
and negligently violates the law. (if you are successful in 
your lawsuit, you may collect attorney fees and court costs 
as well.) 
The right to be notified by a company that it has requested 
an investigative report on you. 
The right to request from a company pursuing an 
investigative report more information about the nature and 
the scope of the investigation. 
The right to know the nature and the substance of the 
investigative report but not the sources. 

The FCRA does not require that:
A credit bureau provide you with a copy of your credit file. 
(Some bureaus will do so, however, if you request it.) 
A business or individual do business with you.
Any federal agency intervene on your behalf.
A credit bureau add information on accounts not already in 
your file. (Some credit bureaus will do this for a fee .) 
Also, the FCRA does not apply to applications for commercial 
credit or business insurance. 

NOTE: Credit bureaus may report bankruptcies for longer than 
ten years and other negative credit-related information for 
longer than seven years in the case of loans for more than 
$50,000, insurance policies greater than $50,000 and jobs 
paying more than $20,000/year.  Also, information concerning 
a lawsuit or judgment against a consumer can be reported for 
seven years or until the statute of limitations runs out, 
whichever is longer. 

 

Bankruptcy

Negotiations with creditors have failed.  Repossession is 
imminent and foreclosure proceedings have begun. Your income 
is simply not sufficient to pay your bills, no matter how 
low the payments are.  It may be time to consider 
bankruptcy. 
Bankruptcy law evolved as a reaction to the abuses 
surrounding debtors prison.  Before the nineteenth century a 
prison system existed for those who didn't pay their bills.  
If a merchant filed a claim, the debtor was incarcerated 
until his debts were paid. (Women were not found in debtor's 
prison, not because of chivalry but because they did riot 
have the ability to borrow).  The lender was legally 
responsible for the expenses of the prison stay, including 
food, but seldom paid.  After all, a debtor would have to 
sue in order to enforce this law, and it was rather 
difficult to sue when in prison.  As a result, many 
borrowers languished in prison for years, surviving on what 
their family could bring to them or, in many cases, simply 
starving to death.  Although some lenders would doubtless 
not object to the renewal of debtor's prison, fortunately we 
live in more enlightened times.  Bankruptcy was created to 
provide a second chance (or third, or fourth) to those 
hopelessly in debt It provides a mechanism to wipe the slate 
clean and begin anew.  As times have changed, though, so has 
the bankruptcy code.  Not all debts can be wiped out.  The 
proceedings can be easily disqualified in the event of 
improper procedures.  There are many things a debtor should 
know before resorting to bankruptcy. 
The Bankruptcy Decision
There are two kinds of individual bankruptcy: Chapter 7 and 
Chapter 13.  Chapter 7 bankruptcy, named for the chapter 
number in the bankruptcy code, requires a full liquidation 
of all debts and cancels all no-exempt debts.  Chapter 13 
bankruptcy is essentially a court-mandated payment plan that 
sets up affordable monthly payments to your creditors, 
The decision to declare bankruptcy is not an easy one.  
Unfortunately, many bankruptcy attorneys recommend 
bankruptcy to just about anyone they consult with. All too 
often frightened consumers are advised to declare bankruptcy 
just to avoid a few debts. This is a mistake.  Bankruptcy 
should truly be a last resort as the legal system meant it 
to be. A bankruptcy appears on your credit for ten years, 
and although lending criteria are slowly changing, many 
lenders will not even consider an applicant who has had a 
bankruptcy.  What's more, a Chapter 7 bankruptcy can cost 
you most of your property.  Before making a decision to 
declare bankruptcy, estimate how bad your situation really 
is.  On a piece of paper, make a list of all your assets and 
the approximate value they could be sold for.  On the other 
side, add up all of your debts.  If the debts exceed the 
assets by a large percentage, you may wish to consider 
bankruptcy.  On the other hand, if it seems that your 
situation may improve (you may get a new job or a second 
income), or if your assets are of greater value or close in 
value to your debts, a different approach may be 
appropriate. 
Negotiate with your creditors 
Explain your situation and ask for more time to pay.  If the 
creditors refuse and continue to threaten garnishment tell 
them such action would force you into bankruptcy.  No 
creditor wants to hear the "B" word.  Using bankruptcy as a 
threat is a very powerful negotiating tool, confronting 
creditors with a choice between getting a little each month 
or probably getting nothing through bankruptcy. Don't try 
this tactic on secured creditors.  They may decide to 
repossess your property to avoid having to go through 
court. 
Contact Consumer Credit Counseling 
As mentioned earlier in the book, Consumer Credit Counseling 
is a non-profit group funded by creditors to help consumers 
negotiate repayment plans.  It is often able to negotiate 
payment arrangements better than the individual because of 
its constant contact with a variety of creditors.  If you 
can't negotiate a satisfactory arrangement, give these 
people a try.   Remember, the fact that you are using credit 
counseling may appear on your credit record. 
Consider Chapter 13 bankruptcy 
This kind of filing allows you to repay your debts in a 
court-mandated fashion and will appear on your credit record 
for only seven years, If negotiations fail or there simply 
isn't enough money to make ends meet Chapter 7 bankruptcy 
may be your only option. Bankruptcy does not necessarily 
discharge all debts.  If your debts are exempt from 
bankruptcy, filing will do very little to improve your 
situation.  If a co-signer was used, the debt would then be 
owed by the co-signer, unless that person also declared