topic Re: CR clarification reporting chapter 13 in Bankruptcy

CR clarification reporting chapter 13

sisco — Mon, 17 Dec 2012 17:57:20 GMT

While reviewing my three credit reports, TU states that my chapter 13 will continue to report for ten years whereas both EQ and EX clearly states it will drop off in seven years. Isn't is correct that chapter 7 reports for ten years whereas chapter 13 reports for seven?

Re: CR clarification reporting chapter 13

Rhaeny — Mon, 17 Dec 2012 22:57:00 GMT

@sisco wrote:
While reviewing my three credit reports, TU states that my chapter 13 will continue to report for ten years whereas both EQ and EX clearly states it will drop off in seven years. Isn't is correct that chapter 7 reports for ten years whereas chapter 13 reports for seven?

Yes I am having the same problem. TU refuses to investigate again. They show the status as "filed" instead of "discharged" which is why they are stating 10 years.

Short of sending them my discharge papers, does anyone know how to get this corrected?

Re: CR clarification reporting chapter 13

Anonymous — Sun, 23 Dec 2012 18:51:55 GMT

Yes that is indeed correct and I am living proof as I filed a 7 in 2003 and a 13 in 2005. The 13 dropped off after 7 years in October and I expect the 7 to drop off in August after 10 years.

Generally, credit reports state that BKs can stay on your credit report for up to 10 years. It doesn't distinguish the time frames of a 13 and a 7. So I would anticipate the 13 falling off 7 years after the filing date. If it doesn't, I would dispute it.

Re: CR clarification reporting chapter 13

Rhaeny — Sun, 23 Dec 2012 19:26:43 GMT

@Anonymous wrote:
Generally, credit reports state that BKs can stay on your credit report for up to 10 years. It doesn't distinguish the time frames of a 13 and a 7.

Both Experian and Equifax will clearly acknowledge that they will report a a DISCHARGED chapter 13 for 7 years. A DISMISSED chapter 13 for 10 years, and a chapter 7 discharged or dismissed for 10 years.

The problem is TU doesn't implicitly state the same thing. They use some language that discharged chapter 13's are taken off after 7 years depending on the CRA"s policy????

The problem for me is TU who will not change the status from "Filed" to "Discharged" which would change the reporting time from 10 to 7....that's if they adhere to that general language they use.

Re: CR clarification reporting chapter 13

Anonymous — Sun, 23 Dec 2012 20:33:58 GMT

That's weird. Because I paid of my 13 plan as agreed in Jan 2011 which discharged it and it dropped off of all bureaus including Transunion 7 years from the filling date, not the discharge date. Maybe I am confusing what you are saying? Are you saying that your 13 was discharged but TU hasn't updated that yet? For me it still showed the filling date after discharge but also showed the status as discharged and the 13 fell off 7 years from the filling date. When was your filing date?

Re: CR clarification reporting chapter 13

Rhaeny — Sun, 23 Dec 2012 21:02:02 GMT

@Anonymous wrote:
That's weird. Because I paid of my 13 plan as agreed in Jan 2011 which discharged it and it dropped off of all bureaus including Transunion 7 years from the filling date, not the discharge date. Maybe I am confusing what you are saying? Are you saying that your 13 was discharged but TU hasn't updated that yet? For me it still showed the filling date after discharge but also showed the status as discharged and the 13 fell off 7 years from the filling date. When was your filing date?

Yes we are saying the same thing....they age the bankruptcies from the filing date but the status (i.e. filed, discharged or dismissed) determines the length of time it remains on your report. Meaning that only a discharged chapter 13 will fall off after 7 years from filing date, and a dismissed 13 will fall off 10 years from the filing date. In the case of a chapter 7, whether a dismissal or discharge it will remain for 10 years from filing date.

As for TU, all of my individual accounts are show discharged chapter 13 or something like that and are set to fall off by February 2013. But the actual PR listing still shows as "filed" instead of "discharged". If the status was correct it would fall off in March 2014 instead of March 2017.

Re: CR clarification reporting chapter 13

Anonymous — Mon, 24 Dec 2012 00:53:27 GMT

Okay. Glad we are talking about the same things. so you are saying your Ch 13 will fall off next year. Is there another bankruptcy you are referring to when you are talking about 2014/2017? Or are you concerned your 13 wont fall off next year because of your last sentence i didn't fully understand? What does PR mean? I am still new to the boards so I apologize for my misunderstandings.

Re: CR clarification reporting chapter 13

Rhaeny — Mon, 24 Dec 2012 01:05:58 GMT

@Anonymous wrote:
Okay. Glad we are talking about the same things. so you are saying your Ch 13 will fall off next year. Is there another bankruptcy you are referring to when you are talking about 2014/2017? Or are you concerned your 13 wont fall off next year because of your last sentence i didn't fully understand? What does PR mean? I am still new to the boards so I apologize for my misunderstandings.

PR = Public record (Bankruptices, judgments, liens, etc. are listed under this)

Status:

Filed = Bankruptcy proceedings filed - This status means it will be on for 10 years for both 7 or 13 from date of filing

Dismissed = Bankruptcy dismissed and debtor is still responsible for debt - This status means it will be on for 10 years for both 7 or 13 from date of filing

Discharged = Bankruptcy is discharged/debtor doesn't owe any money - This status means that it will be on for 7 years for chp13 and 10 years for chp7 (from filing date).

I filed bk in 2007. My chp13 status on TU is "filed" even though it is "discharged". Because the status is "filed" it says it won't fall off until 2017, but it should fall off in 2014 because it is discharged. I can't get TU to change it because they said that they have investigated already. But just about everything listed on the PR is incorrect in some form or another.

Re: CR clarification reporting chapter 13

Anonymous — Mon, 24 Dec 2012 01:23:43 GMT

Ah!!!! I see now!!! Thanks for the thorough clarification.

Do you have your discharge letter? Couldn't you send that into Transunion to get the status changed? Or dispute it? You really need to get that changed on your report. When the discharge went through for me, all 3 bureaus reported the status change to discharged. That record should come off in 2013.

Re: CR clarification reporting chapter 13

Anonymous — Mon, 24 Dec 2012 01:25:43 GMT

I misspoke. If you filed in 2007, it should come off in 2014.

Re: CR clarification reporting chapter 13

Rhaeny — Mon, 24 Dec 2012 02:31:27 GMT

@Anonymous wrote:
Do you have your discharge letter? Couldn't you send that into Transunion to get the status changed? Or dispute it? You really need to get that changed on your report.

Well ummm that goes back to my first question in this thread...LOL!

No way am I going to send them my discharge papers so that they can get their &^%$ right. They are reporting inaccurate information even though I have been informing them of the exact date of discharge and the correct case number, which are both wrong along with the "filed" status. All they had to do is verify my information and obviously they can't do it becasue if they could they would have. As far as I'm concerned I'd rather get them on these inaccuracies in hopes of deletion instead of handing them the golden egg.

Re: CR clarification reporting chapter 13

Anonymous — Mon, 24 Dec 2012 17:48:10 GMT

Okay. You could wait until 2014 to give them your discharge papers IF the BK doesn't fall off on its own. If I remember right, the change in status to discharge didn't affect my score at all. It was the aging of the BK that did.

Truth of the matter is, it is your responsibility to report inaccuracies on your report to get them corrected. A BK won't delete before it's due so I don't think giving them your discharge papers will cause it to stay on your credit report longer. Send them paperwork showing when the BK was filed as well to get that changed too if needed. What is stated on your FICO TU & EQ reports? Is the info on your TU FICO report the same as what is on your TU FAKO report?

Many disputes without proper paperwork come back with the inaccuracies reported as valid. Having a no discharge on one of your CRs can cause you denial of credit or credit approval for a lower amount with a higher APR. Before my BK was discharged and I tried to qualify for a auto loan in 2010, the dealer told me I couldn't get the amount I wanted because my 13 wasn't discharged and once it is discharged, it opens me up to other lenders that would provide financing for the car I wanted. So I had to wait until the discharge.

A discharge looks very favorable to creditors as it shows that you paid off your plan as agreed. I wouldn't be afraid of something bad happening by providing accurate information. If anything, it will make it easier for you to get credit in the future. If I were you, I would send your discharge papers to TU to get that corrected.