How should this be reported?

[tjw0783]

Im going through my credit report after filing for bankruptcy in 2010 and it being discharged later that year. I have noticed on my experian report that some accounts may be listed as "included in bankruptcy" but they still are reporting the lates and balances. Is this correct reporting or should all of the lates and balances be removed? Ive included a pic so you can see what im talking about and if its something I need to dispute with the credit bureau. 

Thanks! 

---

---

Gecrb/Lowes

Status as ofDate opened [?]Date of last activity[?]Loan type [?]Credit limit [?]Largest past balance [?]Terms [?]Account Type [?]Account holder [?]Industry

Nov, 2010

Mar, 2005

Not Available

Revolving Charge Account

$3,563

$3,962

Revolving

Revolving

Individual

Lumber/Building Material/Hardware – Non-Specific

Descriptions [?]

• Purchased By Another Lender

No contact information provided by Experian

Balance [?] Current Status [?]

$0	Debt included in or discharged through Bankruptcy Chapter 7, 11, or 12

Seven year payment history [?]30 days late60 days late90+ days late

1 time (Jul 2009)

1 time (Aug 2009)

5 times (Nov 2010, Dec 2009, Nov 2009, Oct 2009, Sep 2009)

Recent payment history [?]12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 112008 2009 2010

Legend:	Currently paid as agreed
	30 days late	60 days late	90 days late
	120 days late

[LieslMet]

Negative information from before BK can continue to be reported - it is an accurate history; you just no longer owe the debt - but all creditors must include IIB and report a $0 balance. 

This is likely why some reach 700 within a year of discharge and some take two years. All a bankruptcy adds is a public record; it's a steeper hit than a judgement but the score is still primarily based on debt limits to debt, payment history, and the average age of inquires and accounts.

I wish BK attorneys were knowledgeable enough to recommend both a possible course of action AND *the best* course of action.  "Don't bother paying if you INTEND to file bankruptcy" will land you in a far deeper hole - score-wise, in the very-near future - than being continuously current on as many accounts as possible by the filing date.

I'll also interject a thought on the 7-700 plan here, because it's relevant. That plan is for the worst-case scenario... the lowest common denominator, by the creator's own admission. Don't think you MUST follow that plan to get to 700 within 2 years... just as you wouldn't put yourself into a drug rehab facitlity>a halfway house if all you do is smoke weed at the occasional bonfire. All you might need is an installment loan and a CC, stay current, and make sure your CR is being accurately reported.