AMEX still showing Included in BK on Experian Report

[Mayo]

I was discharged April 2012 from a CH 13. My Amex account was part of the discharge. I pulled my Experian Credit report last month and noticed they still listed the account as included in BK. I sent them a certified letter with a copy of the credit report highlited and my discharge order. Today I got a letter back that pretty much states.

"Our records indicate that the account reported under the account identifier numbers is included in bankruptcy. We have instructed the credit reporting agencies listed below to report the account identifier numbers as "included in bankruptcy".
It is a pleasure to to be of service to you. If we can be of further assistance, please write us to above address."


The whole point of my letter was to inform them that they are reporting it wrong. I haven't noticed this on my transunion or Equifax reports. Should I go ahead and pull all three of them again and send letters to all 3 disputing it and also send Amex another letter? It is scheduled to roll off this next January but I would like it off of there before then.

Any advice?

[justbroke]

Is it wrong? Was it, in fact, included in bankruptcy? Remember, that a bankruptcy only discharges your liability to pay. It does not change any facts of how you handled accounts prior to the bankruptcy.

The only way that the reporting is incorrect, is if you had paid off the AMEX account prior to filing bankruptcy. Otherwise, you need to wait the "standard" number of years for the account to age off the report. That is 7 years from the last activity date (which you can get from your credit report).

[Logan]

I was discharged April 2012 from a CH 13. My Amex account was part of the discharge. I pulled my Experian Credit report last month and noticed they still listed the account as included in BK. I sent them a certified letter with a copy of the credit report highlited and my discharge order. Today I got a letter back that pretty much states.

"Our records indicate that the account reported under the account identifier numbers is included in bankruptcy. We have instructed the credit reporting agencies listed below to report the account identifier numbers as "included in bankruptcy".
It is a pleasure to to be of service to you. If we can be of further assistance, please write us to above address."


The whole point of my letter was to inform them that they are reporting it wrong. I haven't noticed this on my transunion or Equifax reports. Should I go ahead and pull all three of them again and send letters to all 3 disputing it and also send Amex another letter? It is scheduled to roll off this next January but I would like it off of there before then.

Any advice?

It'll stay on your credit report 7 years from the time the account was closed.

[df04527]

Not when it was closed. It will stay on your report for 7 years starting with the first date of default (or the last date of default) that led to the charge off. The Equifax report, if i remember correctly, gives you that date.

[Logan]

Not when it was closed. It will stay on your report for 7 years starting with the first date of default (or the last date of default) that led to the charge off. The Equifax report, if i remember correctly, gives you that date.

I'm assuming they were late write to to their BK and it closed when they filed so for most of us the last date of default and the date of account closure are very close.
Logan

[Pjmax]

I'm assuming they were late write to to their BK and it closed when they filed so for most of us the last date of default and the date of account closure are very close.
Logan

That may be close enough in your case, but if one is watching and waiting for an item to fall off, DOFD is important. My DOFD's are 3 to 4 yrs. before I filed BK, and in some cases, the closing dates are 6 mos. to a year after DOFD (and the date it is scheduled to fall-off.)

Items will remain on your report for 7 yrs. plus 180 days from DOFD. (Some are successful at having them removed at 6 1/2 yrs. as obsolete, and for some, they just drop off early.)

Also, it's important to keep copies of your reports from Pre-BK to compare with Post-BK. Info has a tendency to change and sometimes incorrectly.

[Mayo]

My question is why doesn't it say Discharged in BK. All other accounts that I still have on my cc report say Discharged. Before my discharge they stated included in BK.

[Mayo]

My question is why doesn't it say Discharged in BK. All other accounts that I still have on my cc report say Discharged. Before my discharge they stated included in BK.

This is what my credit reports states


Address:
PO BOX 981537
EL PASO, TX 79998
(800) 874-2717 Account Number:
34999068292xxxxx



Address Identification Number: 0081712534



Status:
Debt included in Bankruptcy/Never late.



Date Opened:
02/2000
Date of Status:
01/2007
Reported Since:
01/2007
Last Reported Date:
01/2007

Type:
Credit card
Terms:
N/A
Monthly Payment:
$0
Responsibility:
Individual

Credit Limit:
N/A
High Balance:
N/A
Recent Balance:
$0
Recent Payment:
$0



Creditor's Statement:
Account closed at credit grantor's request.



Account History:
Debt included in Bankruptcy on Jan 17, 2007

[justbroke]

My question is why doesn't it say Discharged in BK. All other accounts that I still have on my cc report say Discharged. Before my discharge they stated included in BK.

The entry is correct. I do not understand what your complaint is. It was, in fact, "included in bankruptcy" (IIB). That is the standard notation which most creditors use for IIB accounts.

For some reason, I think you have reporting confused with discharge. A creditor can report accurate items on your credit report, even if it was discharged. So long as they don't "re-age" or attempt to have the entry last longer, they only need change the balance to $0 and note that account as "Included In Bankruptcy". It appears that your account was marked as IIB on 1/2007 the same month that you filed? It will fall off between June, 2013 and January 2014. (Some things fall off 6 months before the 7 year mark).

Unless you have other "bad" items on your credit report, this item is probably not hurting your score by more than 10-20 points (total guess on my point). That is because late pays are generally more hurtful the more recent they occurred. This has practically aged off your report and will age off by January 2014.

All of my accounts read "Included In Bankruptcy" with a couple still reading "Wage Earner Plan". The difference between them, for scoring purposes, is non-existent.

[Mayo]

Justbroke thank you for your response. I only have 2 other cards still on my Credit report from my Bk a Discover and a GE bank card. They both stated discharged in 13 by them and I thought that the Amex should state the same. Thank you for clarifying it that for me. You are correct I filed in Jan 07. Cleaning up my credit has become a hobby and I get really obcessed with it sometimes.

[justbroke]

Well, Included In Bankruptcy (IIB) is typically used for Chapter 7 cases where the debt is discharged. "Wage Earner Plan" is used in Chapter 13 when the case is still pending. "Wage Earner Plan" is changed to "Discharged in Chapter 9, 11 or 13" (or something like that) when the Chapter 13 case is discharged. (Unless the item falls off the report prior to the end of the Chapter 9, 11 or 13!)

They also read different between different credit bureaus. I believe that IIB is the same as "Discharged in Chapter 9, 11 or 13" for purposes of scoring. In other words, you want it to read IIB or "Discharged...".

[Logan]

That may be close enough in your case, but if one is watching and waiting for an item to fall off, DOFD is important. My DOFD's are 3 to 4 yrs. before I filed BK, and in some cases, the closing dates are 6 mos. to a year after DOFD (and the date it is scheduled to fall-off.)

Items will remain on your report for 7 yrs. plus 180 days from DOFD. (Some are successful at having them removed at 6 1/2 yrs. as obsolete, and for some, they just drop off early.)

Also, it's important to keep copies of your reports from Pre-BK to compare with Post-BK. Info has a tendency to change and sometimes incorrectly.

I guess for someone like me who was never late on a credit card payment it doesn't matter, On top of that my credit score isn't the problem getting more credit, it's the BK that is the problem. Whether my CC accounts included in BK dropped off today or 3 years from now won't matter because the BK is there either way.
Logan

[Pjmax]

I guess for someone like me who was never late on a credit card payment it doesn't matter, On top of that my credit score isn't the problem getting more credit, it's the BK that is the problem. Whether my CC accounts included in BK dropped off today or 3 years from now won't matter because the BK is there either way.
Logan

Your score probably didn't tank as much or rebounded faster than mine, and I'm slowly progressing with as much credit as I need, which is just enough for a little reserve, just in case. You should be in pretty good shape. How much credit do you really need (want is another issue)?

[Logan]

Your score probably didn't tank as much or rebounded faster than mine, and I'm slowly progressing with as much credit as I need, which is just enough for a little reserve, just in case. You should be in pretty good shape. How much credit do you really need (want is another issue)?

I have all the credit I need but anytime I can get a Credit Card that gives me cashback I grab it----Target, Lowes etc. I don't always get approved due to the BK.

Logan

[Mayo]

I have all the credit I need but anytime I can get a Credit Card that gives me cashback I grab it----Target, Lowes etc. I don't always get approved due to the BK.

Logan

My family uses the Target Debit Card it gives you 5% off and free shipping off their website. You may already know that.