Account status on CR

doxiemom · ‎03-15-2012

My Chapter 13 was just discharged 02/29/12. I have two questions.

1. I pulled my EQ CR and some of my accounts say wage earner plan and some just say included in BK. Should they all say wager earner and will it make a difference in my score either way?

2. My mortgage also shows wager earner plan but I was never behind on that and was not making payments on my mortgage through my trustee. Since my BK has been discharged should it still have that as the status?

Thanks

Chapter 13 discharged 02/12
TU 627-10/12, 647-01/13
EQ 638-10/12, 664-3/13

aussiesareforever · ‎03-18-2012

Bumping your question up to see if someone here knows the answer.

BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 835 Transunion 828-- August 2018

Anonymous · ‎03-19-2012

@doxiemom wrote:
My Chapter 13 was just discharged 02/29/12. I have two questions.

1. I pulled my EQ CR and some of my accounts say wage earner plan and some just say included in BK. Should they all say wager earner and will it make a difference in my score either way? Basically they mean the same thing. Wage Earner Plan is another term for CH 13 BK. There is no advantage/disadvantage to either term, they have an identical impact on your credit report. I just thought it was pretty confusing when I first saw that term - never heard of it before seeing it on the CR for the first time.

2. My mortgage also shows wager earner plan but I was never behind on that and was not making payments on my mortgage through my trustee. Since my BK has been discharged should it still have that as the status?

All of your accounts are technically IIB even if you're making the payment directly to the mortgage holder, and even if you were never late. From what you've stated, this is reporting correctly. IIB will correctly stay on the account for 7 years, just like a 30 day late would stay on for seven years. I didn't expect this, and I found it frustrating. But it's correct. It does make sense, though. All of your payments are included in the BK budget and/or repayment plan - whether the cash goes through the trustee or directly to the mortgage holder.

When we were able to see our mortgage records post BK discharge, it was laced with inaccuracies. When we asked them to provide full documentation of what fees they were assessing during the BK, they sent us a full report, and made a few corrections. They also deleted the account history from our CR's - go figure!?! But that was fine with us.

Thanks