Chapter 7 BK and Charge-Offs

[medicgrrl]

Have you checked your judgement to see if it meets the new reporting criteria?  There are some posts in the "Credit in the News" forum about the criteria needed to report.

[medicgrrl]

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@Anonymous wrote:

Thank you pizza1. 

Do you think I should wait until my charge-off falls off my credit January 2019 to apply for a mortgage? It is a student loan for about $12,000. I am just unsure if it is a deal breaker if it is unpaid. 

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If it was included in the bankruptcy it should be showing a $0 balance....even if it was charged off prior to the BK.

[Anonymous]

The Key Bank Student Loan says the following on my Dec 2016 credit report:

Date Opened: 10/20/2008

DateUpdated: 02/03/2016

Payment Received: $120

Last Payment Made: 2/21/2015

Original Charge Off: $9,273

Pay Status: >Charge Off<

Terms: Monthly for 120 months

Date closed: 6/24/2013

Estimated month and year that this item will be removed: 9/2019

[medicgrrl]

What's it showing for a balance?

[Anonymous]

I do not see a zero balance posted/listing for it. It just says Original Charge Off: $9,273

[Anonymous]

Should I dispute the discharged in Chapter 7 BK Judgment that I have? I did read up on the new rules regarding judgments and it could possibly be removed.

[medicgrrl]

If it doesn't meet the new reporting guidelines then I would dispute it.

As for the student loan, I would give it 30 days following discharge before disputing the balance on that account.

[pizza1]

Hey late to the CO party, but here, LOL..

I agree....Anything that was IIB, should report a $0 ball/ IIB on reports. If its listed in your schedule, and it was a discharged debt...you should dispute it as IIB, and should be zero balance.

[medicgrrl]

Pizza, if an account was charged off prior to filing BK it won't be listed as IIB. It'll still be shown as a CO but with a $0 balance. The good news is that if an account is charged off prior to filing, it'll drop off before the 7 year post filing date 😀

[Anonymous]

So I just went to Transunion and experian to dispute the discharged judgment and it's not there anymore! Yay! They automatically took it off.