credit report after BK discharge

[blaze]

I just signed up for true credits credit monitoring service and looked at my husbands for the first time - we were in the 400's before we filed in Feb. and now his score was in the 600's - does that sound right? How imortant is it to look at mine too? I had a few acct's in my name only but I don't plan to apply for credit so should I really worry about it? He is not applying for anything either I mostly did it for curiosity but want to make sure everything is reported right. Our discharge came June 18 and was closed same day so should everything be updated? Many CC's are listed as "derogatory" does that mean they are showing open? I looked for a sticky about codes etc. and could not find it - if someone could give me a link if there is one I would be grateful! I though I would see some "IB" but maybe it is too soon? Thanks!

[rushing101]

"Derogatory" means that the account was delinquent prior to filing BK. You will have to go through the dispute process with the Credit Reporting Agencies to have trade lines updated with current information.

[blaze]

that's what i was afraid of - also 1 of the 3 is reporting our mortgage as charged off when we reaffirmed! do I go through the reprting agencies or the lenders? also do you think it will eventually correct itself since it has only been a month since discharge. man i don't want to have to spend a bunch of time with all this - feels too much like the BK itslef but i guess it's just part of it.

[Flamingo]

that's what i was afraid of - also 1 of the 3 is reporting our mortgage as charged off when we reaffirmed! do I go through the reprting agencies or the lenders? also do you think it will eventually correct itself since it has only been a month since discharge. man i don't want to have to spend a bunch of time with all this - feels too much like the BK itslef but i guess it's just part of it.

Blaze - I and others on here suggest one wait until at least 3 months or so after discharge for as much information as possible to catch up on all 3 of your reports. Then pull all three copies and go from there. Otherwise, doing it so soon after discharge will only create extra work for you. Note - do not be in a rush to clean up your reports - it will take you a while and as many of can attest, it can take years.

[BK2008]

Blaze:

As long as you realize that the credit score that truecredit dishes out is usually much higher than the FICO scores that lenders look at. Truecredit's numbers are not FICO, neither are Experian's. The only one that gives out the real deal is Equifax.

If you really want all 3 FICO's, you need to get them from myfico.com/12. Then you will know what you really are dealing with.

[blaze]

BK 2008 - i wish ihad realized that before i signed up for true credit - i tried to do some research first but it is overwhelming to me - the only reason i care is i am afraid we are going to have to buy a car in the next year or so and want our credit to be as good as it can be. But for now I think I will just take flamingo's adivice and chill...I don't need this right now and there is really no ruch. I am a little worried though that Experian is reporting our home loan we reaffirmed as charged off - there was never even a remote threat of that happening - we stayed current with our mortgage through it all. But if we are not applying for any credit I guess it doesn't really matter.

[PaKettle]

You should check credit reports of husband and wife, both because they may well have different things on them.
You have to realize that credit bureaus are some of the most screwed up bureaucracies on this planet, and they come up with stuff out of left field sometimes.
Even once you get everything accurate, then suddenly out of nowhere they will start reporting something inaccurate again.
Go to the free credit report web site and get your free reports from each Bureau (once per year). Make disputes on ANYthing you can find wrong (even a misspelling of an address or any minor thing) and that will then entitle you to get another free look at your report when that dispute is completed. Theoretically you can get free reports for many months by doing this, especially if they DO report more things inaccurately, OR if you get turned down by any creditor.

[GettinBy]

Can Anyone Else Verify/Confirm This?

"Derogatory" means that the account was delinquent prior to filing BK. You will have to go through the dispute process with the Credit Reporting Agencies to have trade lines updated with current information.

I had NO late payments or accounts in bad standing right up to the day of filing C13 yet i have several accounts listed on my CRs as derogatory.

I'm willing to admit my failings and pay my just dues but this CR crap is beyond believable. Regardless of what the law dictates, they have ways to punish you and they don't hesitate to use them while smiling and pretending everything is as it should be.

[krielly]

derogatory doesn't necessarily mean you were ever late prior to filing, it just means that the account itself is derogatory - in other words, not good for your credit.
If you filed BK on any of these accounts - they are now IIB (included in BK) and are considered derogatory accounts, rather than positive ones.

K

[IBroke]

derogatory doesn't necessarily mean you were ever late prior to filing, it just means that the account itself is derogatory - in other words, not good for your credit.
If you filed BK on any of these accounts - they are now IIB (included in BK) and are considered derogatory accounts, rather than positive ones.

K

Interesting - so even if you reaffirm and the lender continues to report your payments (and you weren't even late a single day), this account is considered derogatory?

I thought one of the reasons to reaffirm is to keep a potential positive tradeline - now how can that be done if the indication "IIB" turns it derogatory??