B of A ride through paid off question

[idainc]

We filed a Chpater 7 and B of A never forwarded a reaffirmation agreement. No doubt they knew the judge wouldn't approve it (we filed pro se). In any event the loan shows as discharged in BK on our credit reports and we continued to pay it off and yesterday finally paid it all off. It is our only account with B of A.

Today, we're locked out of their web site and I called to confirm they recieved the payment. They did and i inquired about the validity of how it is reported. They claim they alter the report to show discharged and paid and I'd just like the loan removed completely since in fact it was paid in full.

Any thoughts ? It seems the way they're reporting it is inaccurate.

[justbroke]

It is discharged (included in bankruptcy - IIB), and is in fact paid. That appears to read as accurate reporting. You may be able to get them to remove the entry, but that would be up to the creditor. Also, realize that removing the entry could affect your credit as well. There is no way to tell what the affect of removing the entry would do.

[idainc]

It is discharged (included in bankruptcy - IIB), and is in fact paid. That appears to read as accurate reporting. You may be able to get them to remove the entry, but that would be up to the creditor. Also, realize that removing the entry could affect your credit as well. There is no way to tell what the affect of removing the entry would do.

Thanks. I suppose it has been "paid" for some time.

Odd experience with them. First they sent a letter asking what my intent was for the vehicle and then offered a ride through. They also asked if I wanted them to mail statements which I did and then they failed to send them with any regularity. In fact, I got three in all of 2012 but was able to review the loan on their web site. Then as soon as I pay it off about 8 months early, they cut me off from the web site all together. They are so erratic, I'll be looking in the rear view mirror until I have the title in hand. Dealing with them is a low point in customer "service".

Not sure how getting it off my credit report would negatively impact my credit though ?

[justbroke]

Not sure how getting it off my credit report would negatively impact my credit though ?

This is because the FICO and other scoring models look at multiple aspects of a tradeline in your credit profile! One of the major credit factors is payment history. However, the other major factor is longevity or "average age of accounts". If you don't have many items on your credit report, and this is the OLDEST item on your credit report removing it could have a negative impact as it changes your "oldest" credit account and your average age of accounts. Yes, even though it may be negative because it was IIB, it still helps you because it's an old account!

This is why few self-help credit score guides recommend closing any account (or even having them removed). Since no one really knows the affect of one thing versus another in the credit score, you have to evaluate whether an old negative entry is worth removing!

For your specific case, having it removed may not affect you at all. There is no way to tell, really.