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Charge off vs IIB

IAmLeTired
Frequent Contributor

Charge off vs IIB

I've searched through the forums and come to the consensus that if something is listed as a charge-off instead of IIB, it's due to being charged off before BK was filed. How do you tell if this is the case?? I've started going through my CRs with a fine tooth comb now that I'm coming up on discharge and noticed that my car loan is being reported as charged off, with 60 and 90 day lates reporting after I'd already filed BK (2 mos after my filing date). It's reported this way on all 3 bureaus CRs, so I'm assuming it's probably legit, but is there any way to tell? From my internet detective work, I found that auto loans are not typically charged off until 120 days late. my 120 day late mark would've been 2 mos or so after filing, so it seems like that shouldn't have happened.


Also troubling is that on TU, it says the account is still open and a balance of $23k.

 

Guess I should contact my lawyer. Smiley Frustrated


Starting Scores 2/2/16 EX: N/A EQ: 586 TU: 597 | As of 5/3/16 EX: 682 EQ: 681 TU: 672
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6 REPLIES 6
Cruznmore
Established Contributor

Re: Charge off vs IIB

I would dispute it with TU first. Even if it is shown as a charge off, it still should show a $0 balance because all of your debts are included under your BK7. Good luck!

Ch7 Discharge 3/15: Goal: 700 Current FICO:Equifax: 674(608) Tranunion: 664(585) Experian: 679(590)
Message 2 of 7
Scupra
Super Contributor

Re: Charge off vs IIB


@Cruznmore wrote:

I would dispute it with TU first. Even if it is shown as a charge off, it still should show a $0 balance because all of your debts are included under your BK7. Good luck!


I understand your thinking and I even feel the same way, but.. Once the debt is charged off there is no "debt" to IIBK

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
755 EQ FICO 12/2021
797 TU FICO 04/2022
793 EX FICO 04/2022
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Message 3 of 7
IAmLeTired
Frequent Contributor

Re: Charge off vs IIB

The problem I have with it is that as far as I know, it was not charged off, or even close to being charged off when I filed. And now I'm positive they aren't supposed to be reporting lates after I filed BK, thanks to ch-7-rebuilding's post. Dispute, dispute, dispute!

Starting Scores 2/2/16 EX: N/A EQ: 586 TU: 597 | As of 5/3/16 EX: 682 EQ: 681 TU: 672
Message 4 of 7
IAmLeTired
Frequent Contributor

Re: Charge off vs IIB

Not to mention, the loan was paid in full through my ch 13 plan.

Starting Scores 2/2/16 EX: N/A EQ: 586 TU: 597 | As of 5/3/16 EX: 682 EQ: 681 TU: 672
Message 5 of 7
StartingOver10
Moderator Emerita

Re: Charge off vs IIB

Read the post by Ch-7 Rebuilding in today's Bk forum. You will see the ammo you need to get it corrected on your CR (see link below)

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

Message 6 of 7
IAmLeTired
Frequent Contributor

Re: Charge off vs IIB

I'm definitely going to do that. Wish I'd caught it sooner!!

Starting Scores 2/2/16 EX: N/A EQ: 586 TU: 597 | As of 5/3/16 EX: 682 EQ: 681 TU: 672
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