Clean-Up, Clean-Up Time For Desdemona To Do Her Share

[DesdemonaB]

HI All

Since I had to get a car on the fly a couple weeks ago I pulled my reports - I figured cleaning them up would help keep me busy while I await my UST to distribution my lonely little asset and close my case.

I don't have much on TU (2) or EQ (5) - but EX is all FURBAR - in Jan I pulled all three and EX had most of the accounts IIB - but showing full history including C/O status. Didn't think anything of it as it was only 1 1/2 cycles since I filed. But I pulled EX again in Mid-Mar (after discharge) and went from showing some IIB to none - all with full 2 year history and C/O status. I plan to run it again Mid-April to see if it was just some fluke.

But before I get myself back in to debt sending out CRRRM on about 21+ accounts I just need a clarification on how a credit line should look after BK

I believe it should read something like this:
last updated (current month)
shows zero balance
should NOT show last two year history
should NOT show status as Charged Off
and should read IIB or Discharged in BK

Just want to remain just a sane during the clean up process so thanks for any help on the matter.

[justbroke]

The fact is, they can show anything that is factual. If you had poor payment history prior to filing, they can show that. (There is some argument over whether it's prior to filing or prior to discharge. I leave that as an exercise for the lurkers.) If it was charged off prior to the filing/discharge of the bankruptcy, then that is a valid status. They should all list IIB unless they were reaffirmed or not actually included (example: a discharged asset case where you forgot to list them).

Having wrote all that, the fact is that many of the creditors (and I think one of the Credit Reporting Agencies) will just remove all the history so that they do not get into any potential issues.

As always, your mileage may vary. People have had varying results.

[df04527]

Yup exactly. Any lates or charge off's prior to the filing date is fair game and legal --- yes on zero bal and IIB marked somewhere.

[DesdemonaB]

HI

Thanks - I am not 100% convinced on the payment status - I thought payment status is based on the last update date. So if I have a cc transmit in March it should state in the payment status Debt included in or discharged through Brankruptcy Chapter 7, 11, or 12.

I will still try disputing the 2 year history with Experian as both TU and EQ removed all history. That will keep me busy for a while.

[DesdemonaB]

Hi All

I have been working slowly on my clean up and by mid-May have all accounts that were IIB listed correctly with a 0 balance. I have made sure all open accounts are reporting correctly - I was amazed my local utility company reports monthly, the utility was reporting correctly but Equifax had the status as closed by consumer, an on-line dispute reopen the account within 24 hours and my score increased 3 points.

But I have noticed something and just wanted to ask - why would a creditor who was IIB still report the a CRA? I have three creditor who are reporting zero balance, IIB and status closed in March, April, May and June. Why would they continue to report to all 3 CRAs? I am just curious as I don't see any value in reporting.

[IBroke]

Having wrote all that, the fact is that many of the creditors (and I think one of the Credit Reporting Agencies) will just remove all the history so that they do not get into any potential issues.

I can confirm that. Example: My prior Repo of my BMW lease. On TU, it's now listed as "unrated" and is all of a sudden a POSITIVE TL (!!) since all missed payments are gone.

[notadeadbeat]

Hi
I just pulled my three credit reports today, not even thinking I should try and clean them up until a conversation with my bank this week. This is what mine says on a number of items. All was discharged three years ago....
Is what this is saying incorrect?

Account Status
Closed
*
Closed
*
Closed
*
*
*
Mo. Payment
*
*
*
*
Close Account Details
Past Due
*
*
*
*
$0.00
Payment Status
Debt included in or discharged through Bankruptcy Chapter 7, 11, or 12
*
INCLUDED IN BANKRUPTCY
*
Paid or paying as agreed01Chapter 7 bankruptcy -- 01_DEFAULT -- Paid or paying as agreed
*
*
*
High Balance
$5,756.00
*$5,756.00
*
*
*
Limit
$6,460.00
*
*
*
$6,460.00
*
*
*
Terms
Revolving
*
*
*
*
*
*
*
Comments
Transferred to another lender or claim purchased
*
BANKRUPTCY CHAPTER 7
ACCOUNT TRANSFERRED OR SOLD
*
Chapter 7 bankruptcy
*
*
24-Month Payment History

[justbroke]

That looks perfect. What does the 24-month history look like? All clean and "OK" or "ND" (No Data)?

[dspii]

Anyone have any ideas about the status dates....each of which is called something different by each CRA. I have a couple that keep updating 3 years after my BK and funny thing is, it may be hurting my scores (I have yet to figure it out if it is).

[ksgirl38]

I'm confused. I see talk about people cleaning up their credit reports after discharge, but what exactly is there to clean up? I still have another 30 days before discharge, but after that what should I be looking for on my credit report that needs to be cleaned up? Thanks.

[frogger]

I'm confused. I see talk about people cleaning up their credit reports after discharge, but what exactly is there to clean up? I still have another 30 days before discharge, but after that what should I be looking for on my credit report that needs to be cleaned up? Thanks.

At this point, you need to do nothing. Get your discharge, and IMO, wait about 6 months to pull copies of your credit reports. By that time, everyone should have done their final reporting and if there are any errors, then you start to dispute/correct.

[ksgirl38]

Oh, ok. So what is supposed to be listed after discharge? I discharged 3 credit card accounts and a medical bill. I guess I'm not sure how I would know if they are reported incorrectly or not. I'm sure they are still supposed to be on there, but not sure how they are to be listed. Technically they are considered closed so is that what they should say?

[bcss]

Good info. My BK filed June 2011, discharged and closed Oct 2011. Some of the TLs show, BOA, as KD in the credit history for Oct 2011. It's my understanding that they can't show a derogatory remark past the date of filing, am I right about this?

Another interesting thing is some TLs with the comments showing BK are remarked at Unknown while others state Potentially Negative Closed. I'm using USAA. The one thing I was fortunate was about half of my creditors simply stopped reporting and fell off my report. I'm going to get busy now and clean up what I can. Good luck Des and everyone else with your clean up!