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Balance after BK

New Contributor

Balance after BK

I thought everything was correct on my credit report after my BK was discharged on April 1st. But I read on here that it must report a zero balance, & its wrong if there is nothing there. Most of my accounts show zero, but on a few its blank. Does that matter??
5 REPLIES
Senior Contributor

Re: Balance after BK

Hmmm ... that is an interesting question.

 

There are folks here who know the detailed reporting requirements and may chime in. My thought is that the creditors are prohibited from reporting a balance that is more than zero. A blank is not more than zero in my opinion but I'd like to see what the more knowledgeable folks say.

New Contributor

Re: Balance after BK

I agree, and didn't think anything was wrong with it being blank. But earlier I was browsing thru posts and read something about it has to have a zero and cannot be blank.
I don't remember who posted, or even where I read it. Sometimes I got lost in the forum!
I wanted to see if anyone else knew about this, or if what I read has any substance.
Moderator

Re: Balance after BK


cirrus00 wrote:
I thought everything was correct on my credit report after my BK was discharged on April 1st. But I read on here that it must report a zero balance, & its wrong if there is nothing there. Most of my accounts show zero, but on a few its blank. Does that matter??

It doesnt matter if the balance section is blank as long as it says IIB 0 balance will be assumed. If they report a balance they must report it at 0.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

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New Contributor

Re: Balance after BK

Thanks for the reply! I didnt think it mattered...but the post I saw said something like "it cannot be blank, it HAS to have a zero". I wish I could find where I saw that! Good, Im glad its ok blank, I didnt want to have to deal with fixing it!

Moderator

Re: Balance after BK

Here is a report link from National Consumer Law Center to the FTC regarding proper reporting of iib accounts.

In this report it does say that it can report as either a blank or a zero. Look on page 3 and 4 of this 41 page report. It is quite detailed as to how the accounts are to report. I recall that when I filed and was discharged there was a big thing about it shouldn't be a 'blank' because it will affect the score. But this report says differently. It's a good link to have: http://www.ftc.gov/sites/default/files/documents/public_comments/16-cfr-part-660-interagency-advance...