Re: How to rebuild your score after a ch7 BK
05-22-2012 11:50 AM
Several of my Debts that were included in my bankruptcy say derogatory. So your saying they should say current? Is there any case law or something that I can say to the credit bureaus to make them fix that?
IIB is officially a derogatory status (it's bad). But you don't owe the debt and you aren't late anymore. I disputed mine w/ IIB, Zero Balance, Not Late and most of them got cleared up. There are still a couple that are reporting IIB/Derog (or even charge off/derog, if before the BK) on mine, but since they're well before the BK date, I don't find it worth my time to try and keep fighting. Notice the "give up" clause in my OP.
Also, Derogatory and Delinquent are 2 very different things. I have zero delinquents across all 3 CRAs, but several derogs (IIB). You are NOT delinquent on anything that's IIB and it should be fought tooth and nail until it's fixed. USAA Credit Monitoring has a quickie page that reports how many "delinquents" you have, if you happen to use USAA's CM tool.
Should the accounts included in the BK still show the late payments that happened right before the BK? Our lawyer had told us to stop paying them. Also should cards that were paid off before the BK not be showing up as IIB and should not be counted as derogatory?