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513.868.3210
Office Number

888.597.2751
Toll Free Number

Bankruptcy Counseling

We know that bankruptcy is not an easy choice. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 mandates that consumers receive financial counseling prior to the bankruptcy petition being filed and requires consumers to participate in a financial education course before debts are discharged. If you are filing bankruptcy with a spouse, both must attend the counseling and educational course. LifeSpan has been approved* by the Executive Office of the U.S. Trustee (EOUST) to conduct Pre-filing counseling and Pre-discharge education within the Northern and Southern Ohio judicial districts. LifeSpan does not receive or pay fees or other consideration for the referral of clients.

*Approval does not endorse or assure the quality of an agency’s services

Q&A

To order your free credit report:

Website:   www.annualcreditreport.com

Phone:      1-877-322-8228

Note: If you request your credit report online, you will be asked a series of questions that only you can answer. Do not be afraid to select “None of the above” if the answer truly is, “None of the above”.   If your request for an online credit report is denied, you will be directed to either call or write a request for your credit report. You may never know why. Again, do not be afraid; just follow the instructions for phoning in or writing a request for your credit report.
How to improve your score:
  • Pay all bills on time
  • If you have missed a payment on an account, catch up with your payment(s)
  • Keep balances low on credit cards – less than 30% of what you are allowed to charge
  • Pay off your debt instead of moving it around
  • Do not close your oldest account
  • Do not get any new credit
  • Shop for mortgage or car loans in a short period of time
payment history

This is a general idea of what is included in your credit score. There are far more variables than this graph indicates but this provides a good idea of the major variables.

Bad credit can hurt in many ways. We all know that bad credit will cause us to pay higher rates for mortgages and car loans. We may even be turned down for credit. But there are other ways poor credit impacts our lives:
  • Job applications: Almost 50% of companies say they run a credit check on job applicants before they hire them, and bad credit can cause you to be turned down for a job. (Note: Employers can pull credit reports but not credit scores.)
  • Utilities: Many people are surprised to learn that utilities check your credit before extending service. Bad credit may cause you to have to put down a hefty deposit before service starts, where no deposit will be required for those with good credit. Cell phone and cable providers frequently check credit before extending service.
  • Elective medical procedures: If you have a medical procedure that is not covered by insurance, bad credit may cause you to have to pay your bill in full before the procedure, rather than being offered a monthly payment plan.
  • Car loans: Not only does a low score force you into a higher rate, but you might even pay more for your car. A study by the Consumer Federation of America found that buyers with the lowest credit paid an average of 3.5% more for their car than did people with better credit.
  • Car insurance: Many insurance companies use credit to determine both initial eligibility and what premium will be. The worse your credit score, the higher the premium.
  • School loans: Bad credit can cause you to be turned down for school loans. There are no options here; you are either approved or denied.
   

Financial Counseling and Education Program Manager

Mary-H
Mary Hurlburt, CCCC
  Call Now513.868.3210   Email Now

In less than 15 minutes
you can better understand your entire financial situation