Timeline:
- November 2011, my wife purchased a new car and apparently I was listed as a "co-borrower"
- July 2013, due to our crumbling financial world, my wife and I separated
- March 2014, my wife filed for a Chapter 7 and was discharged a few months later
- February 2015, I filed for a Chapter 13 and received my discharge in March of 2020
- July 2016, my wife bought another new car and paid off the 2011 car loan; for the duration of the loan there was never a single late payment
- With my Chapter 13 scheduled to drop off my reports early next year (at the latest), I'm curious what will happen with the aforementioned car loan as it shows three different ways on my three credit reports:
- EQ (Annual Credit Report): It shows closed, IIB, and date of first delinquency of Feb-2015
- TU (Annual Credit Report): It shows closed with a status of "Current Account", no mention of bankruptcy
- EX: Another story entirely...
- When I look at the Annual Credit Report version of my EX report it shows:
- Status: "Discharged through Bankruptcy Chapter 13/Never Late"
- On record until: "Jul-2023"
- When I look at the Experian version of the Credit Report it shows a few things:
- Up at the top it has a section which shows "Accounts ever late: 1"; give there are no late payments showing up anywhere on any of my reports, including the Experian report, I'm assuming that "late" is related to my wife's car loan (which as mentioned above, was never late)
- Down in the section which shows the details of the car loan, "BK" is listed for the Feb-2015 payment, an Account Status of "Closed", and a Payment Status of "Debt included in or discharged through Bankruptcy Chapter 13"
- When I look at the Annual Credit Report version of my EX report it shows:
Annual Credit Report image:
Experian image:
And now, finally, my question(s):
- Since my Chapter 13 is scheduled to drop off my reports early next year, will references to IIB on the car loan drop off as well?
- I'm kind of curious why this loan doesn't show up on my wife's credit reports, we're back together by the way, but does on mine, even though it was her car and she was the primary borrower. Regardless of the "why", it is starting to look like even though the "Public Record of my Chaper 13 will drop off in a few months, I'll still have the IIB yolk around my neck until July 2023; do I have this correct?
@CH-7-Mission-Accomplished wrote:If neither you nor your wife made a payment after the date of her BK filing in March 2014, that is the date of first delinquency and it should have fallen off by March 2021. You should dispute it. It doesn't matter when you filed Ch. 13, what matters is the date the debt first became delinquent that subsequently led to a charge-off.
No payments were missed so the debt never went deliinquent, in fact, there was never even a late; the note was paid every month on time through July 2016 when she traded the car in for a new ride.