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Charge-off AND IIB being reported on same account?

CJGravy
Established Member

Charge-off AND IIB being reported on same account?

I've been discharged from my Ch7 for a couple of years now. I was never late with my car payments up until the day i filed BK. Cut to today when i checked my credit report and Credit Acceptance is reporting a charge-off AND IIB to Equifax. Can they do that? It seems to me that if the debt was IIB, they can't charge-off also. As i understand it, a CO means they can attempt to collect on the debt or sell it to another party for collection. I know I'm not liable for the debt since it was IIB, but I feel like it's really keeping my Fico auto scores down because of the additional derogatory. My auto scores are 100 pts. lower than the rest of my scores. Any input here would be greatly appreciated.
Discharged 5/10/16
EQ 621 TU 589 EXP 625

12/13/16 - EQ 629 - TU 641 - EXP 652
Message 1 of 5
4 REPLIES 4
leonel9
Frequent Contributor

Re: Charge-off AND IIB being reported on same account?

Well, the debt was charged-off as a bad debt by the lender due to the bankruptcy. Whether they should report this or not, I don't know.... hopefully someone else with more knowledge will chime in.

 

Why not dispute  it and see what happens?

Message 2 of 5
CJGravy
Established Member

Re: Charge-off AND IIB being reported on same account?

Thanks for your input! I plan on disputing it. I was just curious if anyone here had any experience with this. No other accounts are reporting CO and IIB. Thought that was odd.
Discharged 5/10/16
EQ 621 TU 589 EXP 625

12/13/16 - EQ 629 - TU 641 - EXP 652
Message 3 of 5
Finico
Member

Re: Charge-off AND IIB being reported on same account?

CJGravy,

 

I recently filed and I also have a few of those showing chargeoff+iib. I'm still waiting on my discharge papers before I attempt to dispute them since its possible they may get updated before then. Keep us in the loop if you do dispute, I'd like to know what happens!

Message 4 of 5
CJGravy
Established Member

Re: Charge-off AND IIB being reported on same account?

I mailed out the dispute to Experian today.  It will probably be 6 weeks or so before I hear anything.

 

Some more info:  I was never late on payments for this auto loan.  I filed BK in February 2016 at which point I quit making payments and surrendered the vehicle.  Missed payments were assessed from February 2016 to May 2016 and a Charge-Off was reported in May 2016.

 

After some quick research online, it looks as if they CAN assess late payments after filing and up to discharge, and even issue a charge off.  But the charge off must be replaced with IIB once discharge is issued.  I think there is nothing i can do about the derogatory late payments.  I guess i should have kept paying my car note after i surrendered it. smh

 

Fingers crossed and hoping for the best!

Discharged 5/10/16
EQ 621 TU 589 EXP 625

12/13/16 - EQ 629 - TU 641 - EXP 652
Message 5 of 5
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