Accounts in BK

[TryN2Rebuild]

I have accounts that were IIB but when I look at my CR the comments show IIB but the payment history doesn't show any late's. My main concern is that they won't fall off at the 7yr mark. What can I do? Do I dispute the items? I am not trying to cheat the system I just want to make sure they come off when they are suppose to.

[Anonymous]

The IIB will report for seven years, just as a late would.  The account itself will typically report for about ten years - that means three years of good clean reporting on that account.  That's a great boost for AAofA which is a FICO score builder.

And a quick friendly reminder:  Don't dispute accurate info on your reports - it can come back and bite you and it violates our Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines that prohibit the promotion of certain types of credit repair.

Are your accounts also reporting a zero balance as they should?  And are you closing in on your seven year mark?

[TryN2Rebuild]

My understanding is that accounts IIB get removed from your account 7 years from the first reported late. But these acccounts are not showing any lates they are just reporting IIB. What do I need to do to correct this?

[TryN2Rebuild]

Sorry didn't see the last question on your reply. I am still about 2 years away from the 7yr mark and yes they are reporting zero balacnce. I was just reviewing my report as I usually do.

[Anonymous]

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@ewingerter wrote:

My understanding is that accounts IIB get removed from your account 7 years from the first reported late. But these acccounts are not showing any lates they are just reporting IIB. What do I need to do to correct this?

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Hi ewingerter,

If I'm understanding your post - there's nothing to correct.  If the accounts were IIB, they are reporting IIB correctly.

There's no advantage to adding late payments to your report, and there's no reason to fret over the account reporting IIB.  It will correctly report IIB for seven years.  At that point, the IIB will age off.  It is not dependent on having lates on the report which age off at seven years.  It's just that these particular baddies report for seven years - lates report for seven years - IIB reports for seven years.  They're independent of one another. 

Does that help?  I hope it does! 

[TryN2Rebuild]

Yes that does. I just want to make sure they fall off at the 7 yr mark. I was told they won't fall off until the reporting of the first late on the account not the BK filing date. So thats why I was concerned that it didn't show the lates on the history.

[Anonymous]

I have to respectfully disagree with the accounts staying on for 10 years and the IIB status being removed after 7. 

I had a chapter 7 bk in 2004.  All of the accounts that were IIB have since fallen off.  Some fell off when the 7 year mark hit from the first late payment (or the date of filing of bk for accounts with no prior late payments).  But to OP, my late payments weren't displaying either.  However, when I pulled reports from annualcredit report, it did have the dofd (first late payment or date of bk filing) and the estimated fall off date.  Other than the blaring public record of the BK on my reports, my report is clear of IIB accounts.   

[Anonymous]

My report is also clear of IIB - with the BK still reporting.

I consider that lucky.  My understanding is that IIB can report for seven years, just as lates can.  Doesn't mean they have to - but they can.  For me, those accounts that were IIB but are not reporting IIB, are still reporting.  That means they are reporting as clean accounts and will for several more years.

And after the IIB drops off, the account reports clear as a positive account.  That account can report - but doesn't have to - for about ten years.

Love it when those IIB's age off early.  And love it when the accounts themselves continue to report without the IIB notation.  Super for AAofA!

[ScoreBooster]

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@Anonymous wrote:

My understanding is that IIB can report for seven years, just as lates can.  Doesn't mean they have to - but they can. 

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I assume that only applies to accounts that were current when BK was filed, right? My IIB-accounts were already delinquent for a couple of years when I filed. The drop-off dates of these accounts didn't change after the addition of the IIB-noatation.

I was discharged of my CH7 a year ago and my final derogatory account is scheduled to drop off in 2 1/2 years. I didn't have any accounts that were current and closed due to my filing. My two remaining CCs had a $0 balance at filing and therefore, excluded from BK and my auto-loan was current but not reaffirmed (lender didn't prepare a an agreement) but the small, local lender agreed to continue the reporting of my payments without IIB-notation.