topic Re: Credit disputes-IIB(Chapter 7) in Bankruptcy

Credit disputes-IIB(Chapter 7)

Anonymous — Thu, 11 Jun 2015 23:55:38 GMT

Hi everyone. First timer here. Been visiting here awhile. Now I am in need of help. Thanks, in advance for your help!

Our Chapter 7 bankruptcy was discharged in August of 2010. We are planning to purchase our 2nd home(1st home IIB) in 2017 so we inquired about a pre-qual to see exactly where we were at and what more we might need to in order to make a home purchase possible. With a 697 credit score for me and 657 credit score for my husband, we were told we would qualify.

We were also told that there are 5 things that were IIB(one of them a judgement) showing as still open/active.....worth about 60 points on our credit score. So, we need to dispute these items or our other option is to pay $450.00 fee(with no monthly fee) and have someone get them removed for us, guaranteed in 60 days. Since we are not planning to buy for another 2 years, I figured I would have a go at trying to get them removed myself.

My questions about this are:

1. What kind of success rate is there for removal of these items?

2. Can any of this be done online? Or do these have to be snail mailed?

3. I have seen somewhere on here a copy of a mock dispute letter. Can you post the link in this thread, please?

4. Will the bankruptcy discharge be sufficient?

Thank you very much for your help!

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Fri, 12 Jun 2015 02:20:19 GMT

@Anonymous wrote:
Hi everyone. First timer here. Been visiting here awhile. Now I am in need of help. Thanks, in advance for your help!

Our Chapter 7 bankruptcy was discharged in August of 2010. We are planning to purchase our 2nd home(1st home IIB) in 2017 so we inquired about a pre-qual to see exactly where we were at and what more we might need to in order to make a home purchase possible. With a 697 credit score for me and 657 credit score for my husband, we were told we would qualify.

We were also told that there are 5 things that were IIB(one of them a judgement) showing as still open/active.....worth about 60 points on our credit score. So, we need to dispute these items or our other option is to pay $450.00 fee(with no monthly fee) and have someone get them removed for us, guaranteed in 60 days. Since we are not planning to buy for another 2 years, I figured I would have a go at trying to get them removed myself.

My questions about this are:

1. What kind of success rate is there for removal of these items?
2. Can any of this be done online? Or do these have to be snail mailed?
3. I have seen somewhere on here a copy of a mock dispute letter. Can you post the link in this thread, please?
4. Will the bankruptcy discharge be sufficient?

Thank you very much for your help!

Welcome!! I'll give my input on this and maybe others will chime in.

Everything on your CR that was IIB should show as closed, IIB with a 0 balance. You can dispute with all 3 CB's online, snail mail is usually recommended but I've always done online. As far as the judgement, I have never dealt with this myself but I believe you will have to petition the court that issued the judgement that it was IIB and they will issue a decree that it is now satisfied. You would then use that get it removed from your CR.

What else is on your reports that is still showing active. If you were DC in 2010 then it would seem that any accounts IIB should be getting close to falling off anyway. Give us more info on what else there is and we have a better idea what you're up against. And personally I wouldn't pay someone $450 to do it, you can handle this yourself.

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Fri, 12 Jun 2015 02:23:49 GMT

For the judgement you should be able to file a form and provide a copy of your discharge and release of lien, and pay a small fee and the court will remove it. I am currently waiting on my discharge papers so i am able to do just that. I think the one court charges $7.50 to process. Now i have had some success with getting jugdements removed from my report prior to discharge specifcally with Experian. Transunion and Equifax have only updated them to satisfied/discharged. Once I fill the paperwork with the courts I am going to disupte with each credit service and they should be removed. I am in Ohio, one judgement was filed in a PA court. Hope this helps

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Mon, 15 Jun 2015 21:41:48 GMT

Thank you, everyone for your warm welcome and help here. Re: the judgement, I will have to review my paperwork, but I think this was one that my husbands paycheck was being garnished for(a medical bill). Then we filed bankruptcy and they could not longer garnish for payment. In Wisconsin here, we file a satisfaction, so that can be done pretty easily.

The other thing the lender said should be removed are(and there are 6, not 5, sorry for the misinformation):

1) Bank of America-IIB, Closed -2/11. Reporting zero balance. Reported 4/11. Install(17) Mortgage CNV circled by lender.

2) Capital One-Account Transferred or Sold. Closed 2/09. Reporting zero balance. Reported 2/09. R9 Code circled by lender.

3) GMAC-IIB. Closed 2/10. Reporting zero balance. Reported 5/15. Install (17) Auto circled by lender.

4) WFDS/WDS-IIB. Closed 4/11. Reporting zero balance. Reported 7/11. Install (17) Auto circled by lender.

5) Comenity Bank(American TV)-Account Transferred or Sold. Closed(no date given). Reported 8/10. Under the Payment column it says "BK".

Some other information that may be of help:

GMAC was for my car which we returned to the dealership before we filed for BK (did not want to go through the embarrassment of a repo).

And then we had a huge snafu with our bankruptcy attorney(which, turned out not to be such a bad thing after all, I think). It was fully understood that we would be reaffirming the WFDS and our mortgaage with BOA. Then, 4 months later, my husbands car was repoed, unbeknownst to us. After a little digging, we found out the necessary paper was never filed with the courts and both car and house were part of the bankruptcy. Needless to say, we have not and will not refer our attorney to anyone.

Thank you!

Re: Credit disputes-IIB(Chapter 7)

beezer32 — Tue, 16 Jun 2015 02:04:02 GMT

@Anonymous wrote:
For the judgement you should be able to file a form and provide a copy of your discharge and release of lien, and pay a small fee and the court will remove it. I am currently waiting on my discharge papers so i am able to do just that. I think the one court charges $7.50 to process. Now i have had some success with getting jugdements removed from my report prior to discharge specifcally with Experian. Transunion and Equifax have only updated them to satisfied/discharged. Once I fill the paperwork with the courts I am going to disupte with each credit service and they should be removed. I am in Ohio, one judgement was filed in a PA court. Hope this helps

I wish I was in your part of Ohio. I am in Franklin County and have a similar situation. Long story short, I have a vendor license go defunct without me closing it out (in 2002). In 2006, the awesome state of Ohio Attorney General started assessments on unfiled sales tax years, one for every quarter I didn't file. I didn't catch wind of the crisis until 2011. By that time, I had $21,000+ in tax assessment and all of them were liens. The reason I became aware is because a Sheriff located me living in a different state and served some judgement papers to me. 3 of the liens had executed writs on them and immediately hit my credit report and my employer. They had an order to garnish on judgement from my payroll ($1700). By that time, I was in contact with the AG and fighting it tooth and nail. At the end of the day, I got all $21,000 settled by officially 'closing out' the old vendor license and all liens were placed into release status. So, I get a packet in the mail from the AG that contains all of my certified release documents, take them down the to Franklin County Courthouse and try to get the liens removed from the docket. Nope! Those thieves want $75 per lien to remove them (something I don't have). There are 14 separate liens total. All for forgetting to close out a stupid $25 vendor license =)

I was young and dumb though. Totally my fault. Still working on getting those removed from the court records, one lien at a time.

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Tue, 16 Jun 2015 03:01:50 GMT

Wow that is expensive I have a state tax lien to get removed as well. Just got my discharge on Fri have to get to the courts and file the paperwork. It's odd that some credit bureaus just delete them and others are a pain.

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Tue, 23 Jun 2015 04:54:55 GMT

Bump. Can someone please help?

Thank you!

Terra

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Tue, 23 Jun 2015 14:23:48 GMT

Hi Terra -

I'll give it a shot. The reason your lender says they can hire someone and guarantee removal of your baddies within 60 days is because it appears the date of first deliquency (DOFD) of most of your accounts on your CR is more than likely over 7 yrs + 18 mos or very close to it. That's very easy to dispute and have removed. I totally agree with previous posters; do it yourself.

What I would do is first call each CRA and ask them the DOFD for each item. Do not go by the "reported date". The DOFD is the key. You have accounts that were closed in '09 and '10. They didn't close overnight and you probably incurred a deliquency months before the creditor took the steps to closing them. Once you speak with a CRA rep, you'll get a better idea of where you stand on the DOFD. If while you're speaking to them and find that your DOFD is at the 7 yr mark or close to it, most CRA reps will just delete it while you're speaking to them over the phone - happened to me with Experian and a week later I received a new credit report showing the deleted items. Just be sure to log the date and time of every conversation.

For any accounts that aren't immediately deleted, I recommend writing the bureaus CMRR (certified mail return receipt) and dispute any that aren't IIB with a $0 balance. There is a very good chance this action will result in deletions as well, at least it did in my case.

Wait for the results - at least 45 days -- wash, rinse, repeat.. My guess you won't have to repeat often, though, considering the age of your BK. This isn't comprehensive advice, but it'll get you off to a good start and should get you a nice bump in your scores.

Good luck with your new home!! Hope this helps!!

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Wed, 24 Jun 2015 02:19:24 GMT

@Anonymous wrote:
Hi Terra -

I'll give it a shot. The reason your lender says they can hire someone and guarantee removal of your baddies within 60 days is because it appears the date of first deliquency (DOFD) of most of your accounts on your CR is more than likely over 7 yrs + 18 mos or very close to it. That's very easy to dispute and have removed. I totally agree with previous posters; do it yourself.

What I would do is first call each CRA and ask them the DOFD for each item. Do not go by the "reported date". The DOFD is the key. You have accounts that were closed in '09 and '10. They didn't close overnight and you probably incurred a deliquency months before the creditor took the steps to closing them. Once you speak with a CRA rep, you'll get a better idea of where you stand on the DOFD. If while you're speaking to them and find that your DOFD is at the 7 yr mark or close to it, most CRA reps will just delete it while you're speaking to them over the phone - happened to me with Experian and a week later I received a new credit report showing the deleted items. Just be sure to log the date and time of every conversation.

For any accounts that aren't immediately deleted, I recommend writing the bureaus CMRR (certified mail return receipt) and dispute any that aren't IIB with a $0 balance. There is a very good chance this action will result in deletions as well, at least it did in my case.

Wait for the results - at least 45 days -- wash, rinse, repeat.. My guess you won't have to repeat often, though, considering the age of your BK. This isn't comprehensive advice, but it'll get you off to a good start and should get you a nice bump in your scores.

Good luck with your new home!! Hope this helps!!

Thank you very much for your help. So grateful to have help with this.

Very good shot at it. This makes perfect sense. This is what I've done so far:

I went ahead already and called all 3 CRA's. Trans Union seemed to be the only one with phone prompts to speak to someone. It appears that the others I will need to dispute by other methods.

Trans Union was only reporting 3 of f the six items. One is to fall off in August of this year, one in 10/ 2016 and one in 5/2017. He offered the option to dispute them while on the phone with him so I did. Was that okay? No offer was made to remove them. I am anxious to see what comes of the disputes.

I am preparing a letter to go out to Equifax and Experian this weekend.

Yippee! I am so glad that I finally know what to do. Thank you! I'll keep you posted.

Terra

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Wed, 24 Jun 2015 14:34:50 GMT

"Thank you very much for your help. So grateful to have help with this.

Very good shot at it. This makes perfect sense. This is what I've done so far:

I went ahead already and called all 3 CRA's. Trans Union seemed to be the only one with phone prompts to speak to someone. Here is a link for CRA numbers. You should be able to get live agents. http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/CRA-Phone-amp-Fax-Numbers/td-p/408086

It appears that the others I will need to dispute by other methods. For future reference, when you dispute try to use CMRR, just so you can have a paper trail.

I am preparing a letter to go out to Equifax and Experian this weekend." -

Good work!

Re: Credit disputes-IIB(Chapter 7)

Anonymous — Tue, 30 Jun 2015 22:41:50 GMT

Thanks for your helpful information, 700in2015.

The 3 that I disputed by phone with Trans Union were removed. WooHoo!

I did have a credit score increase by 23 points(Capital One Credit Tracker-I have read that they are accurate, feel free to chime in on your thoughts about that). I am unsure if that was because of the 3 deletions or if its because a new credit line with a 10,000.00 credit limit now being reported. Any ideas? Either way, I'll take that jump in credit. Thanks so much for your help.

On a side note, I was pretty excited about this and my 15yo son chimed in about my happiness. I explain the value of good credit(we've been honest about our financial issues with BK and Foreclosure) and I ask him if they talk about this in school and they don't. Really surprised about that. So, he is going to get drilled now about the value of good credit.

WOOT WOOT. My plan is to go into the home buying process with a 750.