Do accounts need to report zero balance?

[dustinc]

My accounts that were discharged all say IIB, but many have blanks for the balance. Does it need to state "zero" or is a blank okay? Many of my good accounts that were paid off prior to BK also have the blank. Does that matter too? Thanks.

[StartingOver08]

A blank matters. It reduces your score. It must say zero.

[dustinc]

A blank matters. It reduces your score. It must say zero.

So even accounts that were not included in BK need to say zero balance if paid off? Just curious, why would this affect the score? Thanks.

[StartingOver08]

Read this thread for info: http://debt-consolidation-credit-rep...d.php?t=242666

Read this http://www.myfaircredit.com/forum/viewforum.php?f=6 This is a comprehensive link to the case law for credit reporting and other BK issues

From what I have read in the above link, if the field is blank, then the account is either "unrated" or "not rated" or somehow always reported as NEW which reflects derogatorily in your score. It is one of the ways the data furnishers artifically push down your score -which of course results in higher interest rates and lower limits.

[mom2three09]

Read this thread for info: http://debt-consolidation-credit-rep...d.php?t=242666

Read this http://www.myfaircredit.com/forum/viewforum.php?f=6 This is a comprehensive link to the case law for credit reporting and other BK issues

From what I have read in the above link, if the field is blank, then the account is either "unrated" or "not rated" or somehow always reported as NEW which reflects derogatorily in your score. It is one of the ways the data furnishers artifically push down your score -which of course results in higher interest rates and lower limits.

Ok, TransUnion is really causing me a lot of grief with thier incorrect reporting. First off, they were leaving the balance blank (instead of showing $0) so I disputed and they said they corrected the errors. I pulled a new report and they were still showing as blank so I sent in a copy of my last dispute letter from them (which clearly showed & stated that they had updated all accounts to $0).. I also added a couple of other new dispute items. Yesterday I get a letter back stating they deleted one account and updated 3 (but didn't say anything about the original dispute). Now I notice that they are also reporting the Pay Status as Unrated. That's not right tho, is it? Is that what's causing my score on TU to be more than 100 pts lower than EQ?

[StartingOver08]

Yes it is causing the score drop. Now notify the OC so they can correct the TL. If it is still not correct, then sue TU. Look at the second link I posted, they recently lost a similar case.

[mom2three09]

Yes it is causing the score drop. Now notify the OC so they can correct the TL. If it is still not correct, then sue TU. Look at the second link I posted, they recently lost a similar case.

Thx, will do. But what should the Pay Status be on accounts that were IIB?

[StartingOver08]

Read this link for detailed info: http://www.transunion.com/docs/busin...editReport.pdf

Its the TransUnion Credit Report training guide for reporting after BK

[dustinc]

Thx, will do. But what should the Pay Status be on accounts that were IIB?

I followed the link, but I don't see what "Pay status" should be. Please advise.

[mom2three09]

I followed the link, but I don't see what "Pay status" should be. Please advise.

After looking at my EQ report I believe the Pay Status on TU should be "Included In Bankruptcy" rather than "Unrated"

[BuckeyeGuy13]

This is all very interesting to me as I'm trying to keep mine as clean as possible through my 13. My surrendered mortgage company is playing games already and a few of the cards are showing late payments 30 days after I filed.

Quick question for anyone that may know during a 13, what balance shows there? I'm assuming it's not going to be 0 until the debt is technically discharged, correct?

[CCsAreEvil]

After looking at my EQ report I believe the Pay Status on TU should be "Included In Bankruptcy" rather than "Unrated"

Does anyone have an update on this? On my EQ, it shows $0 balances and IIB. However, on TU, it does shows $0 balance but says "Unrated" for status on a number of accounts. Is that ok? Or does TU also need to say IIB instead of Unrated?

Edit Update: Arg! So, on the main TU summary, it says $0 but when I go into details on each of those accounts, it says "Balance: Not Reported". So I have to dispute/fix about 10 accounts. Does TU do this on purpose or is this the creditors doing this?

[Amy26]

Trans Union are a bunch of monkey butts... they got my account all manner of mucked up and I still have a few things I cannot get rid of no matter who I send letters to.

I also had an issue with TU having blanks on my report. I called about them and the lady insisted that the blanks do absolutely nothing to my credit score. I tried to argue with her but it did no good. She eventually said she could put zeros in it for me but it would do absolutely nothing to my score. She did fix it, and she was right, my score was not affected either up or down.

The other thing TU is doing is that only 3 of my trade lines are showing as "derrogatory" from the bankruptcy. I called to dispute this and the same lady I spoke to about the above matter informed me that I only had 3 trade lines included in my bankruptcy. I was like umm no there are lots of them... she said that if that was in fact the case then about 10 other trade lines need to be marked as derrogatory as well (I was calling to have the 3 removed from derrogatory status). So, I laughed a bit and said no no ... please leave the others as they are. So, now I just have 3 derogatory things on my report.

My problem right now is I have student loans that are listed as owning 122k for example and the credit limit is only 100k... so it looks like I'm over my limit by 22k and at like 200% utilization. It shows this way because my loans are deferred and intrest has rose the balance above the original amounts. So, I have asked many people if this is hurting my credit score but I cannot get any answers.

[CCsAreEvil]

Hmm.. well that plain sux. I'm going to start the dispute process this week and see how it goes.

My EQ score is above 650 but my TU is hovering around 620. It should be higher. And these are the true FICO scores.

[jennordhavn]

My problem right now is I have student loans that are listed as owning 122k for example and the credit limit is only 100k... so it looks like I'm over my limit by 22k and at like 200% utilization. It shows this way because my loans are deferred and intrest has rose the balance above the original amounts. So, I have asked many people if this is hurting my credit score but I cannot get any answers.

I don't think it hurts your credit since it's an installment loan. Mine are the same way. But I'm not 100% sure on that. I think utilization is only factored in for revolving accounts.