Credit Report questions

[JJH77]

Generally how long does it take for credit reports to report accurate information? Must I dispute everything that shows revolving (negatively). Will judgements stay on my credit report? Or it should at least state it was included in chapter 7.



I requested all 3 of our credit reports and found many discrepancies. Some creditors still had the accounts open and revolving, nothing about being included in chapter 7.



Another question it it it recommended to sign up for credit monitoring for scores and unlimited reports? TIA

[justbroke]

It's too tough to gauge and each person's creditors and credit mix will differ. In general, all your accounts that were included in bankruptcy (IIB) will have a negative status. Simply because they are IIB! They should, however, show a $0 balance, no payment history and a notation of IIB.

You can first try to do some housekeeping and dispute the inaccurate things. Please realize that you could make your score go DOWN further by deleting even a "negative" account (if that account is actually an "old" account and keeping your average age of accounts higher!).

Anything that is accurate would stay on your credit report for at least 7 years. A discharged judgement may likewise stay on the report for 7 years. Remember, that as they age, they have less dramatic affect.

[JJH77]

Thanks

[LadyInTheRed]

It's too tough to gauge and each person's creditors and credit mix will differ. In general, all your accounts that were included in bankruptcy (IIB) will have a negative status. Simply because they are IIB! They should, however, show a $0 balance, no payment history and a notation of IIB.

I think that should be clarified a bit. No payment history should be shown for any time after you filed your BK petition. But, accounts can still have the payment history that existed before you filed. If that history is negative, it must be removed 7 years after the first default.

Also, I see from your other posts that you just had your 341 meeting. Your credit reports are still in flux. Don't bother disputing anything until at least 30 days after you are discharged. It is really too soon to be worrying about your credit scores anyway.