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BK7 Accounts on Transunion reporting IIB and keyed derogatory

Wegmanarts
Member

BK7 Accounts on Transunion reporting IIB and keyed derogatory

I have been following The Myfico playbook for establishing credit after bankruptcy and I have a glitch. It appears that the bankruptcy or the credit lines are supposed to be IIB, Zero balance and current. Transunion is IIB, Zero balance and Derogatory. They state the line is IIB and Derogatory. Do I have options?
Message 1 of 7
6 REPLIES 6
Bella007
Senior Contributor

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

Hi, Wegmanarts! BK is a derogatory, so I don't think you can change that. Just make sure that none of them are keyed as delinquent. 

Current Scores: EQ 679;TU 647; EX 679 Gardening since 11/7/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015
Message 2 of 7
Wegmanarts
Member

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

Actually the MyFico playbook specifies that the tradelines are to be IIB zero balance. Further research comes up that no cra can key an IIB line as derogatory because IIB in of iself is derogatory. Caselaw upbolds.
Message 3 of 7
Bella007
Senior Contributor

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

Well, then I guess I'm the wrong person to chime in. Cheers!
Current Scores: EQ 679;TU 647; EX 679 Gardening since 11/7/18
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015
Message 4 of 7
holmesnmanny
Contributor

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

There just can't be any lates or chargeoffs after the filing date. The status itself has to be IIB the month after the discharge date with IIB and no balance and current every month after the discharge date. 

 

http://ficoforums.myfico.com/t5/Bankruptcy/Copy-of-FTC-Staff-Opinion-Letter-re-No-reporting-of-Charg...

 

The above thread shows there can't be any lates or chargeoffs after the filing date but I'm not so sure the three CRA's follow that to the T. You have to bug them. 

Pro Se Chapter 7 discharged July 2015
Message 5 of 7
Wegmanarts
Member

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

My issue isn't charge off. It's keying an IIB account derogatory. In the MyFico forum it states that a tradeline can only state "IIB, ZERO BALANCE" Botn Experian and Equifax have those correct. Transunion has :IIB, ZERO BALANCE AND STATUS KEY DEROGATORY" which in researching states the "key" Derogatory must be removed.
Message 6 of 7
Scupra
Super Contributor

Re: BK7 Accounts on Transunion reporting IIB and keyed derogatory

You can try submitting disputes and ask for the wording to be removed.. They are not allowed to report any negative information after the BK file date. IIB tradelines are negative though.. When I was working on my reports and getting my IIB accounts removed, I saw a score bump every time. I think your time would be better spent adding positive reporting TL's and making sure no new negatives report.

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
759 EQ FICO 03/2021
754 TU FICO 03/2021
743 EX FICO 03/2021
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Message 7 of 7
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