topic Re: Credit Reporting after Ch.7 Discharge in Bankruptcy

Credit Reporting after Ch.7 Discharge

Anonymous — Mon, 27 Apr 2009 03:14:28 GMT

I recently got discharged for Bankruptcy all accounts included in bankruptcy are notated as " Discharged in Chapter 7 Bankruptcy", my question is all those accounts are included in the " Potentially Negative" Catogory some show "paid/ Closed" status while others show" Deogrotory", what should these accounts be reporting as? Should they be negative accounts or should they all be reported as Paid Closed, there are some that also show unrated status does this make a difference on my credit? Is it better to have a rating as paid/closed or unrated status.

I know there are so many questions any input would be greatly appreciated.

Re: Credit Reporting after Ch.7 Discharge

Anonymous — Mon, 27 Apr 2009 13:55:50 GMT

They will reflect derogatory. If you happen to have some that reflect some type of paid status, you lucked out.

BK does not pay the debt, it discharges it, which is a Charge Off to the creditor. They may classify as Charged Off, etc. They do have to report the zero balance as current balance. And they should state IIB. But you will not get a clean CR because of BK. You now have all the bad accounts, now IIB, plus the BK in public records.

BK is not fun. Some lenders will work with you knowing you have no competing debt now. But many prime lenders won't touch you for years to come. You should probably think about building a relationship with a CU if you can.

Re: Credit Reporting after Ch.7 Discharge

LindaLu — Thu, 30 Apr 2009 22:43:42 GMT

I noticed the same thing..I have accounts that were included in bankruptcy that don't show derogatory...transunion is the one on mine that show only 1/3 of my accounts I included as derogatory...I usually try to find out what agency a lender or cc pulls and if they pull transunion I feel a little more confident.

My question is can a credit company actually pull my report and manually review each account and see this is not the case...? because if you pull the "more information" on my report then it says included in bk but the actual status on most say paid or current but not derrogatory...I am sure the actual public record of the bk itself is enough damage though..Tomorrow is my 2 year mark...! hoping to see some increase in score..I hear it goes up a little...

Re: Credit Reporting after Ch.7 Discharge

Anonymous — Tue, 05 May 2009 14:24:44 GMT

I had a bankruptcy and it was discharged in 2006. I have come a long way I am at a 690 now on one and the others are not far behind. I am trying to get all three to show a close score between them. One thing I am seeing is that the last activity date is showing the bankruptcy date or when it was updated to show the bankruptcy. Does this now start the clock over again on the last activity or can I get it taken off after the 7 years from the true last activity. I know that there was an issue of companies updating account with late after the account was charged off and that is illegal so would this not fall into the same category?