Dual BK's

[Stingray427]

Hello,

I need some help regarding my credit report as it relates to my bankruptcy filing. Several years ago, I was forced to file bankruptcy due to some business matters that were out of my control. The BK case was moved to another state after filing due to venue issues.

I am currently trying to rebuild my credit as quickly as I can, so that I can get a loan.

My questions are as follows:

It shows as two (2) public records of BK on my report for what was essentially one filing. This happened because the case was filed in one state and received a case number and then due to a creditor objection about proper venue, the case was then transfered to another state. Though it is the same case and creditors once moved, my case received an entirely different case number thus now my fico is showing two BK's (one dismissed and the later being discharged) instead of one.

My question is, should I contact the credit bureaus to correct all of this or is it better to leave it alone and not reopen the matter? I am trying to rebuild me credit quickly and have several new TL's that are starting to show up that are quite favorable and I have heard that Bk's and tax liens are sometimes better left alone but if this is dragging my score down I will dispute it.

Any help would be greatly appreciated.

Thank you.

[QueenBean]

Wow - that really bites.  Does anyone know if having multiple BKs hurts your credit worse than just one? 

[Stingray427]

Yes it does bite. Any advice would be greatly appreciated. Thanks.

Message Edited by Stingray427 on 10-31-2009 11:23 AM

[QueenBean]

I think the problem that you are going to run into is that technically there are two public records and the CRA is reporting accurately.

This is just another example of what I would consider a weakness in the FICO scoring formula.  That being said, I would contact both your attorney and the trustee and ask them to write letters explaining what happened with the filing, and why the same bankruptcy appears as two distinct filings.  You could then try to get the CRAs to amend the report based on those letters- I wouldn't hold out much hope, but it may be worth a try.

In the future, if you try to get approved for a mortgage, you would be able to provide the underwriter with the letters of explanation, and it may help mitigate some of the damage. So I would really suggest that you try to get those letters while the case is still fresh in the memories of those involved.

Good Luck & Best Wishes

[Stingray427]

Thank you for the reply. I do have a copy of the motion being granted by the courts to transfer my case. Would this be sufficient to argue my point? If so, how would I go about doing so?

[QueenBean]

Personally I think it would be....but I haven't had much luck with CRAs directly, so maybe someone else will be able to jump in................and I have found that anything you can do to make yourself look prepared & responsible will help with the underwriters.