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Benefit in removing IIB?

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Overthere1
New Member

Benefit in removing IIB?

Hello,

Is there a benefit in removing negative items included in Chap 7 bankruptcy? I'm 5 years post Chap 7 discharge, and thinking these items are dragging down my scores, as everything else I've used to rebuild are reporting paid on time, with low balances or zero. 
When I review my info on myfico.com, it offers "items affecting your score" and essentially gives me the amount of these items. They total all those items that are IIB, but were either late or still had a balance at time of BK7 discharge. 
So, I'm wondering if getting these removed will raise my scores.

Thank you for input.

Message 1 of 14
13 REPLIES 13
Rogue46
Established Contributor

Re: Benefit in removing IIB?

I would say it doesn't matter since the bk essentially trumps everything else on your report and removing the lesser items wouldn't cause any type of scoring change





Message 2 of 14
Jnbmom
Credit Mentor

Re: Benefit in removing IIB?


@Rogue46 wrote:

I would say it doesn't matter since the bk essentially trumps everything else on your report and removing the lesser items wouldn't cause any type of scoring change


I agree , your BK record trumps all . And what exactly would you be trying to dispute? If these accounts show zero balance and IIB there is nothing to dispute?

EXP 780 EQ 791TU 795
Message 3 of 14
Overthere1
New Member

Re: Benefit in removing IIB?

Hello,

Thank you for replies.

I guess I'm confused, because when I refer to the posting detailing how to go from BK to a 700 score, the first paragraph states 

"

Fixing your credit report (in other words, making sure that all IIB accounts report as IIB):

 

1. Pull a copy of your 3 credit reports from www.annualcreditreport.com.

2. Run through with a pen and make sure that ALL accounts that were included in bankruptcy are noted as:

a. Zero Balance

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

 

And I'm seeing many item IIB in my reports that state "derogatory status."


So, yes, while BK is stated, shouldn't I be attempting to get these remarks removed?

 

Thank you

Message 4 of 14
Horseshoez
Valued Contributor

Re: Benefit in removing IIB?


@Overthere1 wrote:

Hello,

Thank you for replies.

I guess I'm confused, because when I refer to the posting detailing how to go from BK to a 700 score, the first paragraph states 

"

Fixing your credit report (in other words, making sure that all IIB accounts report as IIB):

 

1. Pull a copy of your 3 credit reports from www.annualcreditreport.com.

2. Run through with a pen and make sure that ALL accounts that were included in bankruptcy are noted as:

a. Zero Balance

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

 

And I'm seeing many item IIB in my reports that state "derogatory status."


So, yes, while BK is stated, shouldn't I be attempting to get these remarks removed?

 

Thank you


Nope, they are correct; they will remain on those accounts until the accounts themselves drop off your reports; even then the public record of the BK7 will persist through the 10 year mark.

I categorically refuse to do AZEO!
Message 5 of 14
Namaste7
Established Contributor

Re: Benefit in removing IIB?


@Overthere1 wrote:

Hello,

Thank you for replies.

I guess I'm confused, because when I refer to the posting detailing how to go from BK to a 700 score, the first paragraph states 

 

Fixing your credit report (in other words, making sure that all IIB accounts report as IIB):

 

1. Pull a copy of your 3 credit reports from www.annualcreditreport.com.

2. Run through with a pen and make sure that ALL accounts that were included in bankruptcy are noted as:

a. Zero Balance

b. Included in Bankruptcy

c. Current (not "default/derogatory" status"

 

And I'm seeing many item IIB in my reports that state "derogatory status." So, yes, while BK is stated, shouldn't I be attempting to get these remarks removed corrected?

 

Thank you


 If the accounts do not reflect a zero balance or the correct account status, you could submit or request a correction. It might be helpful to provide details of the accounts so that others can chime in and provide recommendations on how to challenge each bureau. 

 

Separately, if your date of first delinquency preceded the BK filing date, those accounts will fall off before you hit the 10-year mark. What is the date of first delinquency (DoFD)? What date does each CRA indicate that the negative account will be removed? 

~~MMXX~~
2024 Goal$
2023 Goal$
FICOs 760+
Message 6 of 14
Overthere1
New Member

Re: Benefit in removing IIB?

Hi Namaste,

Thank you for the considerate and detailed response. It is much appreciated.

I'll have to review and research those dates.

 

 

.

Message 7 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Benefit in removing IIB?

Welcome @Overthere1

Disputing is for inaccurate info on your reports. If you try to dispute hoping to get them removed,. They will come back verified and fresh and trash your scores. The CRA's contact the creditors you file a dispute with. You burned them and they wont say yeah go ahead and delete it after we lost money. just wont happen.


Message 8 of 14
Overthere1
New Member

Re: Benefit in removing IIB?

Thanks for reply.

I shouldn't have used the word "removed."

What I'm trying to figure out is if the balance stated that was IIB shoukd be CHANGED to a "zero" balance, and NOT showing the highest credit balances I had carried. 
What I gleaned from the BK7 to 700 score, is that the balances shown are dragging the score down.

 

Message 9 of 14
FireMedic1
Community Leader
Mega Contributor

Re: Benefit in removing IIB?

No its the baddies and then add the BK.  Long as it shows $0 balance. It is what it is. Just keep rebuilding. Takes time. The blob below took over 7 yrs. You'll get there.


Message 10 of 14
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