Credit Report Reporting

[mwalam]

Hi,

I have a question for the gurus here.. How should the accounts listed in bankruptcy be reported?

I have some accounts showing as :
Condition: Paid (0 balance)
Condition: Derogatory (O balance)

Which is accurate?

Also, some of the creditors are still updating information every month? Should they be doing this?

Thanks.
mwalam

[justbroke]

They can report based on what the status was prior to filing. If you had a debt charged-off prior to filing, it will list as $0 balance with Included in Bankruptcy (IIB) and "Charge Off". The prior payment history may also still be there. Many creditors, in order to avoid issues, will just list it as Paid and $0, and may or may not list it as IIB. I have accounts listed both ways and even differently across credit bureaus.

Bottom line, they can report that which was accurate prior to you filing! All accounts, however, should be listed as IIB and $0 balance if they were discharged. It will take a few months for them to clear up and I've found that you may need to dispute both electronically and in writing.