Help! Viewed credit report

[pookieny]

I just viewed my credit report on Equifax and TransUnion and it shows my car loan as being late and there are 3 creditors that don't show included in bankruptcy! Just says sold to other creditors and I included the original lender/debts and also the collection agency it was sold to. There are no collection agency accounts on there but there are other debts that show were included in the bankruptcy.

Why isnt' it showing the 3 included in the bankruptcy? I don't want them there waiting to haunt me for another 10 years??

They haven't picked up my car yet but I'm not keeping it, so why doesn't it show that included?

[liz417]

Have you been discharged yet? If not, I would wait a month or two after discharge to clean up your credit report. Give them time to report the debt correctly. Also, were those "3 debts" charged-off? From my understanding, the Original Creditor doesn't have to add IIB if they've charged it off before you filed for BK. When you are discharged, I would still dispute (with credit report agency) the not IIB and see if the OC will report the change.

[pookieny]

No not discharged yet till next week or so. Yes, those 3 were charge off but I assume just about all of them were because they were deliquient for years. Ok, maybe I am jumping the gun with needless worry, thx

[JRScott]

Yeah wait til a month or two after discharge then clean up the credit reports

[notadeadbeat]

Yeah wait til a month or two after discharge then clean up the credit reports

I am awaiting discharge this month. How do you go about cleaning up the credit report?

[JRScott]

WEll about 2 months after discharge pull a credit report.

Then go over it.

If there is anything not correct then you will need to challenge it with the appropriate credit agency (they usually I think have the form on their websites). In essence it should show as all IIB. You'd probably need to make a copy of the creditors matrix and copy of your discharge letter and mail that with the challenge.

[IBroke]

the Original Creditor doesn't have to add IIB if they've charged it off before you filed for BK.

Do you have a source for that? If an account was IIB (no matter what status it had), it should also be reported as IIB.

IMO, a charge-off DOESN'T mean you don't owe anything to that creditor - so if that account was discharged, it should be reported as such (IIB).

"Charge-Off" actually means the creditor wrote the debt off as a loss - BUT they can still collect it and the debtor still ows it. That's why a debtor has to list it as debt on the schedule, it gets discharged in BK and so, it is "included in bankruptcy"..at least that's my POV..

[liz417]

Do you have a source for that? If an account was IIB (no matter what status it had), it should also be reported as IIB.

IMO, a charge-off DOESN'T mean you don't owe anything to that creditor - so if that account was discharged, it should be reported as such (IIB).

"Charge-Off" actually means the creditor wrote the debt off as a loss - BUT they can still collect it and the debtor still ows it. That's why a debtor has to list it as debt on the schedule, it gets discharged in BK and so, it is "included in bankruptcy"..at least that's my POV..

There was a recent thread about IIB and Charge-offs: http://www.bkforum.com/showthread.ph...+report%2C+IIB

Read "startingover's" last post on this thread. From what I understand a charge-off can remain on a credit report although it must be have a zero balance after BK

[IBroke]

From what I understand a charge-off can remain on a credit report although it must be have a zero balance after BK

Of course it can - and most likely - WILL stay on the credit-report.
If it was a charge-off, it will still be reported as such - BUT with the indication of "IIB - $0 balance".

Here's what "startingover" was refering to:

The account-status "current, 30, 60, 90, +120 days late, charge-off or collection" of an account has to be reported as of the day you filed BK. If you weren't 30 days late at filing, they mustn't report a late-payment.

Now if the account was already charged-off, the BK-filing doesn't "erase" the late-payments on file or bring your payment-history on that account current.

So if you were 60 days late when you filed, it will be reported as such - even after BK. And THAT'S exactly what applies to the charged-off accounts as well. They will still be reported as "charged-off" if they were already charged-off at filing.

BUT that doesn't mean the creditor needn't report "IIB"!

The indication "charge-off" is the "default-status" of the accounnt - just like "90 days late". But it DOESN'T affect the FACT that the debt of an account was discharged and so, included in bankruptcy. That's why charged-off accounts still have to be reported as "IIB-$0 balance": to point out that the debtor has received a discharge on that debt.

If that wouldn't be the case, how could you show to potential new creditors that you don't owe anything on such an account if it isn't reported as IIB?

Right now, I have several charge-offs on my credit-report, already reporting a $0 balance. Now guess what? They could sue me tomorrow....and that's why the indication "IIB" is so important because the creditors know that this account has been taken care of..

[liz417]

Of course it can - and most likely - WILL stay on the credit-report.
If it was a charge-off, it will still be reported as such - BUT with the indication of "IIB - $0 balance".

Here's what "startingover" was refering to:

The account-status "current, 30, 60, 90, +120 days late, charge-off or collection" of an account has to be reported as of the day you filed BK. If you weren't 30 days late at filing, they mustn't report a late-payment.

Now if the account was already charged-off, the BK-filing doesn't "erase" the late-payments on file or bring your payment-history on that account current.

So if you were 60 days late when you filed, it will be reported as such - even after BK. And THAT'S exactly what applies to the charged-off accounts as well. They will still be reported as "charged-off" if they were already charged-off at filing.

BUT that doesn't mean the creditor needn't report "IIB"!

The indication "charge-off" is the "default-status" of the accounnt - just like "90 days late". But it DOESN'T affect the FACT that the debt of an account was discharged and so, included in bankruptcy. That's why charged-off accounts still have to be reported as "IIB-$0 balance": to point out that the debtor has received a discharge on that debt.

If that wouldn't be the case, how could you show to potential new creditors that you don't owe anything on such an account if it isn't reported as IIB?

Right now, I have several charge-offs on my credit-report, already reporting a $0 balance. Now guess what? They could sue me tomorrow....and that's why the indication "IIB" is so important because the creditors know that this account has been taken care of..

Gottcha
I have several charge-offs as well and although (on my credit report) they state they've been "charged-off" and have a $0 balance, they don't have the "IIB" next to them...I guess I've got some work to do
Thanks for clearing that up

[IBroke]

Gottcha
I have several charge-offs as well and although (on my credit report) they state they've been "charged-off" and have a $0 balance, they don't have the "IIB" next to them...I guess I've got some work to do
Thanks for clearing that up

You're welcome!
I'm planning on filing sometime next year and with about 30 derogatory accounts on file, you can imagine that there will be some accounts that need to be "corrected". After all, that's sooo important to get back on track.