TransUnion, is this ok?

[vrspartak]

I'm now beginning to rebuild my credit, and want to make sure everything on my credit report is reporting correctly. (I was discharged 08/11/2010). I haven't looked at all my credit reports yet, but for TransUnion, all of my accounts that were discharged say "Remark, >Chapter 7 bankruptcy<". Is that ok? Is it supposed to say, "discharged" or something?

None of the accounts are reporting a balance, in fact some show a "0" balance while others have the balance section completely blank. Is this too ok, or should they all have a "0"? Thanks for your help. I'll be checking my other reports...just want to know what I should be looking from the different credit bureaus. Thanks.

[Flamingo]

Cleaning up your reports right now will be a waste of time as you were just discharged. Give yourself about 3 months past discharge then get all three of your reports. That will give some time to ensure creditors update your reports correctly and will save you a lot of time cause if you get them now, many creditors may not yet have updated their information.

[vrspartak]

Ok, I just want to make sure than when I do get all of my reports and begin to rebuild, I know what I'm looking for.....Based on what I've read in this forum, all discharged accounts should read something along the lines of "IIB", or some variation of being in a chapter 7 bankruptcy, and showing a "0" balance". Yes?

[IBroke]

None of the accounts are reporting a balance, in fact some show a "0" balance while others have the balance section completely blank. Is this too ok, or should they all have a "0"? Thanks for your help. I'll be checking my other reports...just want to know what I should be looking from the different credit bureaus. Thanks.

They should report "0" as balance and not a blank space. That does make a difference.

While Flamingo's suggestion is certainly a good one, it is unlikely that this particular reporting error is simply going to disappear over the next months because the creditors reporting like that obviously already considered your BK - if not, the balance wouldn't be blank and would still show the original amount owed.

[IBroke]

Ok, I just want to make sure than when I do get all of my reports and begin to rebuild, I know what I'm looking for.....Based on what I've read in this forum, all discharged accounts should read something along the lines of "IIB", or some variation of being in a chapter 7 bankruptcy, and showing a "0" balance". Yes?

That is correct.

[tobee43]

it's interesting...i have decided to wait at least 3 months to view our credit report, having our bk discharged on 8/4. i know there will be a ton of work to be done, but i chose to wait to let the dust settle.

to our surprise today we had to renew our auto insurance and in this state many of the insurance companies base your rates on your current credit score...so we were preparing ourselves for the worse. i explained to the company about the bk because i feel dealing straight up it just the best way to go and we didn't want the guy to think we would be in total shock when he got back to us with the "new" quote of 4 million dollars to insure our car for the year. LOL!! (well, ok...not THAT much!)



i couldn't believe it when the company, a tier 1...huge insurance company, came back with..."your credit is just FINE!!!!! "

WHAT????????...you must be mistaken...let me regive you our ss numbers and you need to recheck this....after ALL WE JUST filed BK....he's like well i'm sorry...but your score is just fine and we can offer you the lowest rate possible...i'm thinking this will work!!! however, i must add.......the score is NOT the same score used as if we were applying for a new auto loan etc...it's a base score from what i understand and i really don't understand much...but it was indeed, a bit of good news we didn't expect.

[IBroke]

You can often read this scary stories online, called "What BK is doing to your credit" and if you read on for two lines, they jump with a 3 digit number at you about how much your score is going to decrease simply by filing.

That's when I stop reading this messages because I know the person who wrote that article is clueless. It is IMPOSSIBLE to just make a general statement about the impact of BK on your score because everybody has a different situation right from the start. Some file without ever missing a payment before. I'm filing with an already trashed report. So why should the impact of the filing be the same? Nonsense...

My credit is going to improve when I'm done cleaning up my file - that's for sure.

[Amy26]

WHAT????????...you must be mistaken...let me regive you our ss numbers and you need to recheck this....after ALL WE JUST filed BK....he's like well i'm sorry...but your score is just fine and we can offer you the lowest rate possible...i'm thinking this will work!!! however, i must add.......the score is NOT the same score used as if we were applying for a new auto loan etc...it's a base score from what i understand and i really don't understand much...but it was indeed, a bit of good news we didn't expect.

That's really great. What state do you live in? Unfortunately in my state they don't care what my score is... all they care about is the big Chapter 7 Bankruptcy plastered on it. My rate went up by like 300 a year just because of it. Cause I know my driving is dependant on my financial state.... so stupid that they allow stuff like this. My car insurance should not be affected by if I filed for bankruptcy or not. Just dumb.

[tobee43]

That's really great. What state do you live in? just dumb.

i never say were i am....LOL!! but since that post, we even got a lower rate. interesting, when i finally spoke to someone who really knew what they were talking about and asked...what??? in this ecomonic climate because someone loses their job they are more likely to get in an auto accident and we get punished...

she said noooo...actually, she said, statically speaking, people with poor credit have more fraud claims...ok...i said...that made sense about 3 years ago when people just had bad scores for not paying there bills...

shoot we filed bk and were never late until we hired the atty and by law had to stop paying our bills...so much for that theory...