Negative Info

[shabam]

Once an account is listed as "included in bankruptcy" the late payments and all payment history disappears. The balance seems to be $0 out as does any history on the account.

So my question is, will the account remain list like this (as is) post discharge? or will the negative information such as late payment marks reappear?

[justbroke]

So my question is, will the account remain list like this (as is) post discharge? or will the negative information such as late payment marks reappear?

It will remain like that for 7 years from the filing of your Bankruptcy. In most instances, the history is there too. However, the "status" is IIB which seems to trump any other status (like "pays as agreed", or "pays as agreed was 30 days late"...).

[willbfree]

May I ask for a clarification? My account does say "Discharged in bankruptcy Ch 7" but also includes the account history of 30 days past due, 60 days past due, etc etc. So justbroke you are saying those will not be erased but will still be visible?

Second question and this is odd. WF who holds our primary mortgage reports it as "Discharged in bk- Chapter 7/Never late". Our heloc with a regional bank is not in the negative area but is under "Accounts in Good Standing" and shows status as "Open/Never late". I hate to dispute something that is showing as positive for us but technically shouldn't it also be the same as WF? Best advice do I leave it alone? We did not reaffirm either mortgage and are just doing ride throughs on both mortgages.

[justbroke]

May I ask for a clarification? My account does say "Discharged in bankruptcy Ch 7" but also includes the account history of 30 days past due, 60 days past due, etc etc. So justbroke you are saying those will not be erased but will still be visible?

Unfortunately, account history is not erased. However, some debtors have been successful in disputing the information, and having the entire account removed from the records. Of course, you can't do this until after yoru discharge.

Second question and this is odd. WF who holds our primary mortgage reports it as "Discharged in bk- Chapter 7/Never late". Our heloc with a regional bank is not in the negative area but is under "Accounts in Good Standing" and shows status as "Open/Never late". I hate to dispute something that is showing as positive for us but technically shouldn't it also be the same as WF? Best advice do I leave it alone? We did not reaffirm either mortgage and are just doing ride throughs on both mortgages.

Nope. The credit report almost never reflects reality after a Bankruptcy. That's why it is suggested that you "clean it up" after discharge. Of course, creditors are allowed to report accurate information so I'm not suggesting removing accurate information. Just make sure everything is good.

[willbfree]

Thanks justbroke the advice is much appreciated. We don't expect to ever need credit again but I thought I would try and clean up what I could. I think your advice is wise and I'll dispute the one Chase report and leave the heloc alone. It's hard to pass up good news. Thanks again.