In March 2005, the U.S. financial services industry succeeded in hammering the first nail in their plan to overhaul the nation's bankruptcy system. Repairing bad credit yourself will be more necessary than ever. After contributing millions of dollars to elect Republican candidates sympathetic to their big money interests, banks, credit unions, credit card companies and major retailers have succeeded in making it more difficult to file for bankruptcy relief. About half of those filing do so due to medical catastrophe. You can still get help and repair bad credit yourself.

If you need to repair bad credit yourself begin by assessing your current credit situation. Request a copy of your credit report, also known as your FICO report, then read through it without getting upset. Don't let the information you find make you feel bad. It is common that up to 50% of the information on your credit report is likely to be wrong or misrepresentative of your present credit situation. When you learn how to repair bad credit yourself you'll find out how the credit industry works and you'll raise your current credit score.

More to the point, when you learn how to repair bad credit yourself you will avoid getting caught in credit traps that the credit card companies purposely set. Discover what you need to know in order to repair bad credit yourself. Find out what the banks, credit unions, and big corporate retailers don't want you to know.

Who else gains from bankruptcy reform? Who doesn't mind that you don't know how to repair bad credit yourself? Car makers and car dealers, such as the Ford Motor Co., General Motors, and DaimlerChrysler. These automakers spent years and millions pressuring legislators for bankruptcy reform. They did not like the way auto loans were handled when an individual filed for bankruptcy. Repair bad credit yourself and watch your credit score rise so that you can qualify for an auto loan.

Others who lobbied heavily for reform were the entertainment industry, gaming interests and prime lenders such as MBNA Corporation and American Express Company. These companies contributed millions and spent several years stacking the political odds in favor of bankruptcy reform. Repair bad credit yourself and don't weep for the big corporations. MBNA Corp. and American Express Co. will be among the top beneficiaries of bankruptcy reform.

The new bankruptcy reform laws will require most filers to get credit counseling and lessons on how to improve their financial management skills. Repair bad credit yourself and improve your FICO score within weeks. Keep your credit score healthy and repair bad credit yourself before you ever need to consider seeking bankruptcy relief.