credit bureaus

[RainMoM]

I posted this question in the chap 7 area, but maybe someone is lurking over here will see it and have an input to this as well.. I was wondering if the car company reports to the credit bureaus when you do a Refirm with your auto after your bankrutcy has been discharged ?? Are there any new laws i should be aware of ??

[NanaOf11]

Yes, it should show and work to improve your score post BK

[RainMoM]

anyone else want to chime in here on this .. all opinions are welcome here

[lrprn]

I posted this question in the chap 7 area, but maybe someone is lurking over here will see it and have an input to this as well.. I was wondering if the car company reports to the credit bureaus when you do a Refirm with your auto after your bankrutcy has been discharged ?? Are there any new laws i should be aware of ??

What matters here is whether you reaffirmed your car loan or not.

If you reaffirmed your car loan (something most lawyers tell their clients not to do), then your car lender should report your payments to the credit bureaus. If your lender is not reporting the payments on a reaffirmed loan, contact the lender directly and request the payments be reported.

However, if you did *not* reaffirm your car loan, then it depends on whether your car lender is willing to report the loan payments or not. Frankly most lenders will *not* report car payments on a car loan that was not reaffirmed because legally after discharge, you no longer owe whatever remains on the loan. You could walk away from the car loan any time you wish. At least, this is the reason used by lenders who don't report car loan payments in this situation.

Ask your lawyer if he/she knows how your car lender handles reporting car payments after discharge.

Also keep in mind that reporting to credit agencies is always voluntary for the creditor. Unless you have a written agreement with the lender that your loan payments will be reported to the credit agencies after discharge, you can't legally compel them to report, no matter what the circumstances.

[RainMoM]

Yes.. We did reaffirmed both of our cars.. the judge did approve us, which I'm very greatful for.. our payments are very low, I pay $140.00 for mine and hubbys pays $240.00 for his.. with only 2 years left on each of them.
We haven't pulled a credit report since being discharged as of yet.. I was thinking of waiting till about March to do so. I very surprized that the judge allowed us to keep both cars, seeing I'm a stay at home mom..

thanks for your input ☺

[LSUTiger32]

Just for some more info, I have Ford and re-affirmed. Once the paperwork went through, Ford took IIB off and changed it to Reaffirmed debt. Now it looks as though it is reporting again as it says PAID ON TIME and has a updated date of 1/10. This is great news for me because I refuse to get a CC and I need some positive tradlines.

[RainMoM]

Just for some more info, I have Ford and re-affirmed. Once the paperwork went through, Ford took IIB off and changed it to Reaffirmed debt. Now it looks as though it is reporting again as it says PAID ON TIME and has a updated date of 1/10. This is great news for me because I refuse to get a CC and I need some positive tradlines.

That is good news for you, I myself don't care to get a credit card any time soon.. but at the same time i do want to try an get my fico score up a bit.. ahh what ever happend to the good ole days before i got into all this mess

[Summerbreeze]

I filed in 2008, reaffirmed my car and it is reporting positive on all 3 credit bureaus.