Reporting ? after discharge

[help1234]

We filled BK7 in 5/10 and were discharged 8/10. All creditors updated reports for the last time in 5/10 as IIB with 0 balances except for Cap One who continued to update reports monthly. I have been trying to dispute the report dates, but so far they continue monthly.
Then today... American General (who had changed name to Springleaf and stopped reporting as of 5/10) reports as American General - IIB, 0 balance, but added notation that it was secured (this was far a heating system), with a reporting date of 6/11. They did try to get us to reaffirm, and we declined back in june of 2010. Since then we have heard nothing from them.... is this something I should try to dispute??? Not sure how it effected our scores as they are only updated monthly and new score will not be available until july.

[df04527]

If they are updating monthly - it is hurting your scores. They should not be updating it and what they are reporting needs to be accurate. Dispute and keep disputing until it's right.

[CCsAreEvil]

help1234, I'm having the damn same issue with CapOne. I've disputed a couple of times via both Equifax and TU. They dont appear to change any "data". They just keep updating each month "Date Reported" to the current month. It's pissing me off! I wonder what plan of action I can take on CapOne.. because it's not the CRAs,right? It's CapOne that needs to stop it!

I just sent in my last dispute recently. I'm waiting to hear back yet again.

[help1234]

I have been trying to find some law or "rule" that they have to stop reporting monthly, but have been unsuccessful so far. I have disputed 3 times now and it keeps happening every month. Contacted CapOne and they told me they could report each month as long as it continued to reflect "0" balance and IIB. Funny thing is... we had 3 CapOne accounts and only 1 of them keeps reporting. If you have any success, let me know what steps to take, "PLEASE".

[df04527]

These creditors have found a nice little loophole. If there is a way SOME creditors will find it. They know exactly how FICO works and codes the account accordingly so that it STILL hurts your credit. I've always thought it was there little way of getting back.

[momof3b1g]

popping in here, can someone explain what reporting monthly means? We just got a report and score. Which is lower then we hoped. I am wondering if we have this problem and it needs to be corrected. TY

[sh9730]

Mom,

On your credit report, the creditors (in normal situations I mean), report your "status" every month. I.E. if you are paying current, every month they update your report that you are "current". If you fall behind, they report that you are "30 days late", then "60 days late", and eventually "greater than 120 days late". If you catch up it shows "was 120 days late in July 2011" but then will show "current" again for this month.

When declaring BK, those "monthly" status reports are supposed to stop as these debts no longer exist - actually they still exist but are not enforceable any longer - and negative reporting on your credit report every month is considered "collection activity", and since these debts are not enforceable they should not be "collecting" on them. The way credit scoring works, recent negative activity hurts your score. As negative activity gets "aged" it does not cause as much damge to your score. So these monthly reports of negative activity are bad.

As this thread is discussing, many creditors are trying to get around these rules any way they can.

[df04527]

The loophole is they are updating the status as zero balance, IIB every month therefore, it cannot be viewed as an act of trying to collect. In effect the account does not age properly when the FICO monster runs and looks at it as a new negative. I'm not speaking of any SOL ages either.

But this is why some won't change it either afterall it IS reporting correctly.

[momof3b1g]

The loophole is they are updating the status as zero balance, IIB every month therefore, it cannot be viewed as an act of trying to collect. In effect the account does not age properly when the FICO monster runs and looks at it as a new negative. I'm not speaking of any SOL ages either.

But this is why some won't change it either afterall it IS reporting correctly.

We have some accounts that say under Date Rpdt 06/11, one with 03/10 all others are 09. So these are what you call reporting monthly? and could be causing our score to drop?

[drowning123]

There's no no current report on my Capital One Account History but there's a May 2011 Report on my Balance History that reads:

Account Balance: $0
Date Payment Received: August 13, 2008
Scheduled Payment Amount: No data
Actual Amounnt Paid: No data


Is this a good example of what you guys are talking about?

[sh9730]

Mom,

Yes....those 2 reports could be hurting your score - UNLESS of course those are GOOD reports from new accounts you ve started since your BK discharge!

Otherwise, yes you should dispute those and see if they get changed/deleted and see what happens to your score.

[momof3b1g]

Mom,

Yes....those 2 reports could be hurting your score - UNLESS of course those are GOOD reports from new accounts you ve started since your BK discharge!

Otherwise, yes you should dispute those and see if they get changed/deleted and see what happens to your score.

Ok ty, will have dh look into as its on his report.

What about our 2nd mortgage? Did not reaffirm but are paying. Its still being reported every month. But with no payment history.

[CCsAreEvil]

The loophole is they are updating the status as zero balance, IIB every month therefore, it cannot be viewed as an act of trying to collect. In effect the account does not age properly when the FICO monster runs and looks at it as a new negative. I'm not speaking of any SOL ages either.

But this is why some won't change it either afterall it IS reporting correctly.

I don't think it's a loophole. It just sounds illegal to me. There's no reason to keep updating the "reporting date" to the current month. When I spoke with Equifax/TU (I forgot which I talked to), they confirmed that this action of reporting by CapOne was definitely hurting my score. My reports say something like "you have 1 delinquent item reported within the last 30 days by CapOne"... arg!

I know the 3 CRAs have slightly different models. But the only one CapOne (I think Experian actually helped me get this fixed) isn't updating on is Experian. My Experian FICO score is 75 points higher than my TU score.

We need to keep fighting because this is wrong. That CapOne account is now being reviewed again. I'm waiting to hear of the outcome.

[IBroke]

What about our 2nd mortgage? Did not reaffirm but are paying. Its still being reported every month. But with no payment history.

Are they reporting a balance or are they just reporting "IIB - $0 balance"? Reporting a balance if not reaffirmed is not allowed. If they are reporting IIB $0 balance, see below.

I don't think it's a loophole. It just sounds illegal to me.

Unfortunately, it isn't. I can't think of any law or regulation they are violating by doing so. df04527 is right on that one.

[CCsAreEvil]

Unfortunately, it isn't. I can't think of any law or regulation they are violating by doing so. df04527 is right on that one.

Well, then that's a shame. I wonder how many consumers are getting screwed on this. So, they can keep doing this for 7-10 years? Wow. It will be hard then to get scores above 700 then.. because the latest credit reports will always show a "derogatory account reported within the last 30 days". Such a scam.