Filing for bankruptcy is a tough decision that some people make, and they ponder long and hard before they decide to do so, since this can affect their future credit and credit score. 5/3 Bank, which is “a banking firm says it accidentally reported some customers to credit services as having filed for bankruptcy,” as reported by WLWT in a February 12, 2014 article.

When people found out about this, they were very devastated because it is very challenging, and time consuming for one to establish good credit. Moreover, having good credit is important because it helps to determine whether or not one can qualify for certain things like loans or credit cards. Filing for bankruptcy affects one’s credit score so imagine what happens if one falsely filed or there is an error on one’s credit record.  These false bankrupt filers, or petitioners, were notified of the problem when they received a letter from a few credit reporting companies which stated that 5/3 Bank stated that they had filed for bankruptcy. This can put one in a tough situation or financial crisis especially when they have good credit, and they need an immediate loan or line of credit.

The bank tried to correct the problem and it stated that it notified the credit reporting companies about the error. Also, it is estimated that over 20,000 people were falsely identified as being bankrupt. In addition, the bank claims that the error might have occurred because they were trying to upgrade or cleanse its system.

If you are considering filing bankruptcy, then you should contact a qualified lawyer to review your options. Jayson Lutzky has 31 years of legal experience in New York State. He offers free in person consultations to potential personal bankruptcy clients. Call 718-514-6619 to set up confidential, no obligation appointment. Visit www.MyNewYorkCityLawyer.com for more information on bankruptcy.