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reporting after bk

Regular Contributor

reporting after bk

Ok, so I read and reread the 700 in 24 post to see how I can apply it to my situation. I think I'm ready to pull my credit reports but before I do, I have a question.

It says make sure the BK accounts are reported current and not "derogatory".

Does this really matter and why? I wonder because they're obviously derogatory since they're included in BK.

If I absolutely do need to dispute the derogatory phrase on the accounts, what exactly should I say when I dispute it? Do I just say it says derogatory and it shouldn't say that due to BK discharge or what exactly is the wording to get them to change it?

How long are accounts discharged able to report? (Ie can they report after I've been discharged?)
Message 1 of 10
9 REPLIES
Community Leader
Super Contributor

Re: reporting after bk


@Singsonbing wrote:
Ok, so I read and reread the 700 in 24 post to see how I can apply it to my situation. I think I'm ready to pull my credit reports but before I do, I have a question.

It says make sure the BK accounts are reported current and not "derogatory".

Does this really matter and why? I wonder because they're obviously derogatory since they're included in BK. Yes, it matters. It matters in the sense that even though they will say IIB, and its derogatory, you want the balances to be $0 or it will be counted into your overall utilzation showing the accounts closeed with a blance still, which is incorrect. All accounts IIB should reflect $0 balance, becasue the debt is no longer owed.Therefore, the account shouldnt have a balance or a CL. 

If I absolutely do need to dispute the derogatory phrase on the accounts, what exactly should I say when I dispute it? Do I just say it says derogatory and it shouldn't say that due to BK discharge or what exactly is the wording to get them to change it? You can only dispute accouts that are not reporting correctly....such as not reporting $0 bal or IIB notion somewhere. You cant dispute your IIB accounts just because they were IIB and no longer owed. 

How long are accounts discharged able to report? (Ie can they report after I've been discharged?) Any accounts you were delinquent on BEFORE filing BK, including lates, CO, will still follow the DOFD rule which is 7 yrs. I will give you an expample from my own personal BK. I was late on all my IIB accounts a year prior to filing BK. My last DOFD was May 2012, and are reporting correctly as well with $0 bal/IIB notation.   My IIB's will fall off my reports May this year...7 yrs. 

 


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 2 of 10
Regular Contributor

Re: reporting after bk

They all show 0 and notate chapter 7 bankruptcy in remarks but they also show derogatory as account status. Is this correct reporting?

My issue with the date of reporting is that I have some that the last date of reporting was within a month of filing BK but then I have a couple that reported again after my discharge date. Which in my mind would have them fall off 3 months later than those accounts that last reported right around filing of BK. Which I guess is just a few months and either way my BK still shows for another 3 years after that so it may be a moot point.
Message 3 of 10
Community Leader
Super Contributor

Re: reporting after bk


@Singsonbing wrote:
They all show 0 and notate chapter 7 bankruptcy in remarks but they also show derogatory as account status. Is this correct reporting?YES. Its CORRECT reporting. IIB accounts ARE derogatory. 

My issue with the date of reporting is that I have some that the last date of reporting was within a month of filing BK but then I have a couple that reported again after my discharge date. Which in my mind would have them fall off 3 months later than those accounts that last reported right around filing of BK. Which I guess is just a few months and either way my BK still shows for another 3 years after that so it may be a moot point. Lenders cant report anything negative on the IIB accounts past your FILE month.  For example, my file month was May. They can report delinquent for May only, but after that there should be NO reporting of any kind, period. 

 


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 4 of 10
Regular Contributor

Re: reporting after bk

Ok, thank you so much!
Message 5 of 10
Regular Contributor

Re: reporting after bk

 

I have had that same question. Is that incorrect information on that post?

Mine are all starting to update to "Discharged" on all accounts that were IIB. 


@Singsonbing wrote:
Ok, so I read and reread the 700 in 24 post to see how I can apply it to my situation. I think I'm ready to pull my credit reports but before I do, I have a question.
It says make sure the BK accounts are reported current and not "derogatory".

Message 6 of 10
Regular Contributor

Re: reporting after bk

Starting over, are yours are replacing the "derogatory" word with "discharged"?
Message 7 of 10
Community Leader
Super Contributor

Re: reporting after bk


@StartingOver2018 wrote:

 

I have had that same question. Is that incorrect information on that post?

Mine are all starting to update to "Discharged" on all accounts that were IIB. 


@Singsonbing wrote:
Ok, so I read and reread the 700 in 24 post to see how I can apply it to my situation. I think I'm ready to pull my credit reports but before I do, I have a question.
It says make sure the BK accounts are reported current and not "derogatory".


@StartingOver2018 , yes, you want the notation of "Included in Chapter 7 bankruptcy", or Discharged in a bankrpucty, somewhere on the account. A "current" status for an account that was IIB would be $0 bal/IIB notation.

 

Those accounts will still follow the DOFD, and fall off completely on your reports at 7 yrs, or sooner. I had like 16 accounts over the years that just "fell off". Sometimes lenders go thru and purge their systems, and when that happens, those IIB accounts go with them. All my Comenity store cards I had IIB, went away like two years after my DC on my reports. All my others stayed Smiley Sad But they will fall off this May.


Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 8 of 10
Regular Contributor

Re: reporting after bk


@pizza1 wrote:

@StartingOver2018 wrote:

 

I have had that same question. Is that incorrect information on that post?

Mine are all starting to update to "Discharged" on all accounts that were IIB. 


@Singsonbing wrote:
Ok, so I read and reread the 700 in 24 post to see how I can apply it to my situation. I think I'm ready to pull my credit reports but before I do, I have a question.
It says make sure the BK accounts are reported current and not "derogatory".


@StartingOver2018 , yes, you want the notation of "Included in Chapter 7 bankruptcy", or Discharged in a bankrpucty, somewhere on the account. A "current" status for an account that was IIB would be $0 bal/IIB notation.

 

Those accounts will still follow the DOFD, and fall off completely on your reports at 7 yrs, or sooner. I had like 16 accounts over the years that just "fell off". Sometimes lenders go thru and purge their systems, and when that happens, those IIB accounts go with them. All my Comenity store cards I had IIB, went away like two years after my DC on my reports. All my others stayed Smiley Sad But they will fall off this May.


pizza1 Mine are showing CLOSED & zero balances but still showing credit limits? This is all new to me. I have no idea about how things should work exactly with a BK. I am learning, studying and reading everything about it and doing pretty well I guess but sometimes still have questions.

I had a car lease that I did turn back in when it was time to do so. I was late 4 payments. (actually I never made those payments either) That was because I was about to file then (or so I thought) and was told by a bk attorney to not make those payments. Ended up not using him and waiting a few more months. That account has yet to say IIB but says closed, paid as agreed. No balance but does show four late payments. Should I leave that the way it is or is it hurting me? Should I challenge it to state IIB?

Thank you!

Message 9 of 10
Established Contributor

Re: reporting after bk

@Pizza... Capital One has continued to update my accounts with them POST PETITION, 90 days late, 120 days late, and yesterday I get an alert that my accounts are 150 days late! The accounts show "open" and with past due balances. I disputed this when the accounts reported 90 days late, but the outcome was "verified." Yesterday I filed CFPB complaints, we'll see what happens.
Message 10 of 10