Disputing Credit Reports

[sunnysd619]

Long time lurker here... Just wanted to give BKForum a big shoutout for all the insight and helpful information. Going through this ordeal was painful to say the least and now am looking forward to building my credit again from the ground up. I was discharged last month and boy was it a great feeling

Two weeks after discharge, I immediately pulled my CR's to check for errors and to my surprise, most accts were IIB. However, HSBC Best Buy (Beneficial Bank) and Kay Jewelers show chargeoff. I decided to dispute and a couple days later, it shows reporting correctly. I've also re-affirmed a vehicle with the CU and that shows IIB. Go figure.

I've been through so many threads and I'm literally going cross-eyed. I really don't know what to do. Any help would be greatly appreciated

[lrprn]

Two weeks after discharge, I immediately pulled my CR's to check for errors and to my surprise, most accts were IIB. However, HSBC Best Buy (Beneficial Bank) and Kay Jewelers show chargeoff. I decided to dispute and a couple days later, it shows reporting correctly.

Getting your credit report in order is a great way to start. Do keep an eye on these two accounts because over time, it's not unusual for the reporting to shift back to chargeoff. Not fair, I know - just reality. YOu may need to dispute one or both of these again in the future.

I've also re-affirmed a vehicle with the CU and that shows IIB. Go figure.

I hope you didn't sign the reaffirmation thinking that would lead to your CU reporting your post-filing loan payments to the credit agencies

CUs are notorious for not reporting on-time payments after bk discharge, even with a signed loan reaffirmation. Reporting to the credit agencies is purely voluntary, and your CU doesn't have to report your loan payments if they don't want to. Nothing can compel them to do so unless there's a statement in your signed reaff that they have to. Is there such a statement?

You can try talking with the loan officer at the CU. Sometimes that works to get them reporting the loan. Don't hold your breath though.

[sunnysd619]

Getting your credit report in order is a great way to start. Do keep an eye on these two accounts because over time, it's not unusual for the reporting to shift back to chargeoff. Not fair, I know - just reality. YOu may need to dispute one or both of these again in the future.

Thanks for the quick response! I will be sure to dispute this accounts in the near future.

I hope you didn't sign the reaffirmation thinking that would lead to your CU reporting your post-filing loan payments to the credit agencies

Wow, I didn't realize CU's can do that. On my TU report, it says pays as agreed and my Exp report says IIB. I'm confused about this whole thing. I signed the reaff to keep my car. It was my only mode of transportation to get to and from work. My APR was pretty low as well. I just need to pay this car off ASAP!

[epiphany]

Long time lurker here... Just wanted to give BKForum a big shoutout for all the insight and helpful information. Going through this ordeal was painful to say the least and now am looking forward to building my credit again from the ground up. I was discharged last month and boy was it a great feeling

Two weeks after discharge, I immediately pulled my CR's to check for errors and to my surprise, most accts were IIB. However, HSBC Best Buy (Beneficial Bank) and Kay Jewelers show chargeoff. I decided to dispute and a couple days later, it shows reporting correctly. I've also re-affirmed a vehicle with the CU and that shows IIB. Go figure.

I've been through so many threads and I'm literally going cross-eyed. I really don't know what to do. Any help would be greatly appreciated

Congrats. You reminded me that I need to look at my credit reports soon. Been putting it off but I just know that there must be errors on there. I did notice, before I filed, that some creditors had already marked the accounts IIB because I told them that I was filing.

I am curious about one thing, maybe lrprn can answer. Can anything be legitimately marked charge-off? If a creditor sells to a JDB for example, will I see Charged off by the creditor or is it likely that the JDB sent the debt back to the OC when they were informed of the BK?

Does that make sense or do I need to reword it? Thanks!

ep

[freeatlast98]

Charged off

If an cc account is charged off and you file BK and you receive a discharge on you cc. Should the credit report then report IIB? I'm sure this is answered somewhere however, I couldn't find it.

[Brazzy]

It depends as to when the account was charged off. IF you file chapter 7 upon receipt of the notification the creditor is to charge off the balance right away. The thing is that it will be reported as a BK prior to it being charged off. If an account is charged off prior to the BK, it may not be updated.

As for pulling the credit report one month after discharge it was probably not a great idea. First off it takes at least 30 days for the credit reports to cycle and get updated. On top of that the discharge was only a month ago. How many creditors received the discharge notification by mail? On to the reaf. You had it filed, the case is now discharged (take into account everything up to this point) and there was a rescission period. Creditors will wait for the case to be discharged, a no asset report filed, and for the rescission period to end before updating the credit. Then tack on X amount of days for the changes to reflect on the report.

[freeatlast98]

It depends as to when the account was charged off. IF you file chapter 7 upon receipt of the notification the creditor is to charge off the balance right away. The thing is that it will be reported as a BK prior to it being charged off. If an account is charged off prior to the BK, it may not be updated.

As for pulling the credit report one month after discharge it was probably not a great idea. First off it takes at least 30 days for the credit reports to cycle and get updated. On top of that the discharge was only a month ago. How many creditors received the discharge notification by mail? On to the reaf. You had it filed, the case is now discharged (take into account everything up to this point) and there was a rescission period. Creditors will wait for the case to be discharged, a no asset report filed, and for the rescission period to end before updating the credit. Then tack on X amount of days for the changes to reflect on the report.

Approximately how long does it usually take a creditor to charge off?
If it is charged off prior to BK and it stiil says charge-off,
how does that affect the credit report? In other words,which is looked at better as far as the credit report?

[epiphany]

Approximately how long does it usually take a creditor to charge off?
If it is charged off prior to BK and it stiil says charge-off,
how does that affect the credit report? In other words,which is looked at better as far as the credit report?

No one can answer the first question. There are no hard and fast rules and different people experience different things with the same creditors and/or the same amount of debt. Could be 6 months, could be 2 years, could be never. There's no rhyme or reasoning and no predicting.

Charged off does not absolve you of the debt, therefore a charge off on your credit report implies that you are still responsible for it. IIB is better.

ep

[sunnysd619]

As for pulling the credit report one month after discharge it was probably not a great idea. First off it takes at least 30 days for the credit reports to cycle and get updated.

I had a feeling this may be the case. Some companies work faster I suppose.

[NoMoreCards]

I finally went through my credit reports and found all sorts of interesting things. So clearly this is a very important step in rebuilding the credit.

The things I found most were:
1.) balances show as blanks. They should be marked as a $0.00, not blanks.
2.) late payments reported AFTER the filing date, 4 creditors marked me late for the month I filed, and I filed on the 7th. The bills weren't due till the end of the month.
3.) charge-offs, after filing date.

I had a couple that were reporting delinquencies in January, when I filed in August. It is crazy. Anyhow...
I submitted all kinds of disputes today online. If that does not work, we start with formal letters. I hope to call one of the CA's tonight, to see if they will resolve over the phone. Worst they can do is say "No".