Equifax Problem

[Heather_NNJ]

I'm hoping someone will be able to shed some light on the following situation...

I've been "disputing" all negative info on my credit reports since filing Chapter 7 in March so that everything reflects a zero balance and states that it is included in bankruptcy. Experian was super quick and gave me no problems. TransUnion is just really slow and I have yet to hear back from them regarding the final outcome of my request. Equifax on the other hand refuses to zero out and report certain creditors as "included in bankruptcy", stating that the Creditor has verified the information and they are reporting it correctly.

I suppose it's not a big deal now, but when I receive my discharge in mid-June, I don't want to fight them to have my credit report reporting correctly. It's bad enough that I have one creditor for the month of April, actively reporting that my account is delinquent 90 plus days.

What is the best way to handle this? Any suggestions/advice would be greatly appreciated.

[FreshLikeADaisy]

Heather, what several people have done is to send a letter, certified/return receipt requested, to the credit bureau that includes a copy of your discharge, and a copy of your creditor matrix that shows that these specific creditors were notified, and pretty much demand that they be changed to IIB status.

Also, you want to black out the creditors on your matrix that are not involved in what you are disputing; avoid giving information regarding other debts. So make a copy of the matrix, black the uninvolved creditors out with marker on the copy, and make another copy of that: that's what you send. If you just marker it out it is usually still legible, hence the photocopying.

There's another section on this furum called "Rebuilding Credit" and you should be able to find more info there on this topic as well.

I received my discharge in March, and I have been avoiding this... it IS a hassle. But I guess I'll have to get on it. Thanks for the reminder, and good luck!!!

[jp2861]

Equifax is listing what the creditors are reporting. They can't just arbitrarily make changes. Get it in writing from the bureau claiming that the information is correct as per the creditor. Then start raising hell with the creditors for reporting bogus information. Use the dispute reference you get back from equifax as proof. Equifax seems to be big on sending you to the creditor if you continue to dispute tha same things. I guess it kinda makes sense though.

[Flamingo]

You should have waited until a few months after receiving your discharge for the information to be changed by the creditors on your credit file. That is the best time to get your reports after filing BK and dispute any incorrect information. Your credit is shot anyway and working to change it now does not make any difference whatsoever, just more work and frustration for you. Note if you have any charge offs or late payments prior to your filingi date, creditors will not change those dates. I have found that Equifax is the most difficult of the 3 reporting agencies to work with and you will probably eventually have to go through the creditor itself to get the information listed correctly. Getting your reports cleaned up can take a while. Also, you can get them cleaned up and they can revert back to old information in the blink of an eye so it will be an ongoing process for you for a while. You sound like you are in a hurry to do this - remember your BK will be on your reports for 10 years and will have to deal with having bad credit for quite some time.

[rrockinggramma]

write a letter to each creditor with your information and ask that they report it correctly. if no satisfaction, move higher on the food chain. I filed some complaints with the FTC and with the BBB. Both actions got accounts updated correctly quickly.

[krielly]

Wow Flamingo........that's a pretty hefty dose of gloom & doom

[Flamingo]

Wow Flamingo........that's a pretty hefty dose of gloom & doom

Not doom and gloom, reality. While BK gets the slate clean for someone as to their debt, they can still struggle for years to come after filing just due to the BK on their credit reports. Why do you think it stays so long on one's credit records? It just doesn't go away that easily. It seems everyone is always in a hurry to clean up those reports ASAP like it is really going to make a huge difference. It really doesn't - once a creditor/employer sees the BK no matter how tidy everything else is, it's going to work against that person. Everyone eventually finds that out...

[Heather_NNJ]

Thank you to those who shared your advice and suggestions

With the exception of Flamingo, I appreciate your support.

Flamingo - your diluted version of "reality" is actually kind of sad. We all know the long term ramifications of filing BK, but to criticize people for being proactive in cleaning-up their credit report, is pitiful. Sooooooo sad

[FreshLikeADaisy]

The funny thing is that bk -- and making sure every trade line in the bk is accurately reported as IIB -- can have the paradoxical effect of *raising* FICO scores, so no, it's absolutely NOT wasted effort to clean up the credit reports, and doing so as soon after discharge as you feel like it. It's healthy and productive and a step toward eventually rebuilding your credit, so if it's what you feel like you need to do, don't be talked out of it. Good luck!!!

[Flamingo]

Thank you to those who shared your advice and suggestions

With the exception of Flamingo, I appreciate your support.

Flamingo - your diluted version of "reality" is actually kind of sad. We all know the long term ramifications of filing BK, but to criticize people for being proactive in cleaning-up their credit report, is pitiful. Sooooooo sad

Sorry you feel that way Heather - I have been a big proactive "cleaner-upper" on here of credit reports, posting many issues we have in cleaning up ours since discharge in 8/06 and giving much advice on how to handle problems in disputing and posting issues I have run into that occurred after my discharge as to accounts listed in our BK. We started cleaning up in 5./06 after our early Chapter 13 buyout. We are still "cleaning up" almost two years after discharge. However, everyone will have different experiences in cleaning up their reports and my statement as to "reality" is right on point. You just have not been there yet. YOu will find I don't "sugar coat" items in here once in a while because I call things as I have seen them or experienced them. Many people think that cleaning up their report as soon as they have filed BK is going to be a big answer to their credit problems and this forum is full of postings by people who have newly filed, not yet discharged and want to clean things up. While all that is good and great, many think it is the answer to their prayers and wonder why they get denied for credit after cleaning up their reports.

Not everyone will agree with everything you have to say on here and we speak from experience as we have been in the same spot you are. We unfortunately do not live in a perfect world and if one is prepared for the problems before they occur, that is being proactive.

[krielly]

Yes, I agree it's good to be realistic. I've never owned a pair of rose colored glasses or anything.......

I guess I just prefer to see the glass as half full, rather than half empty.

I think most of us have been pretty devistated by the whole process. We feel like things were out of control, and taking proactive steps to try and ensure things are reported accurately going forward gives us back at least some of the power we all feel we have lost. Obviously, this does not always go smoothly for everyone, but at least we are taking back some of the control, and trying to do something positive to make things better as we all recover.

I don't see anything wrong with that, and I don't know how taking positive steps for our futures can be perceived as premature.........no matter how soon we start. As long as we learn what we can from the process, and do the best we possibly can in the hopes we don't wind up in the same place down the road, I can't find a negative thing about it all..........

K

[Flamingo]

Yes, I agree it's good to be realistic. I've never owned a pair of rose colored glasses or anything.......

I guess I just prefer to see the glass as half full, rather than half empty.

I think most of us have been pretty devistated by the whole process. We feel like things were out of control, and taking proactive steps to try and ensure things are reported accurately going forward gives us back at least some of the power we all feel we have lost. Obviously, this does not always go smoothly for everyone, but at least we are taking back some of the control, and trying to do something positive to make things better as we all recover.

I don't see anything wrong with that, and I don't know how taking positive steps for our futures can be perceived as premature.........no matter how soon we start. As long as we learn what we can from the process, and do the best we possibly can in the hopes we don't wind up in the same place down the road, I can't find a negative thing about it all..........

K

I totally agree; but I think my point has been totally lost here; there is nothing wrong with cleaning up reports; doing so prior to discharge just makes it harder and more frustrating because the discharge has not yet taken place. When the discharge is reported to the CRAs, the old information one had tried to clean up can revert back to the old information you once cleaned up. It is best to always wait a few months after discharge to start the process to give the discharge information time to get into one's reports and then one can attack with a vengence. Plus you have a hard copy in your hand of your discharge as support. That is what I meant when there is no need to "rush" to get this done, thinking it is going to be the answer to having great scores in a few months. It takes a good two years beyond a discharge in a 7 or 13 to firmly reestablish credit and that will take not only cleaning up credit reports, but being savvy/sensible in applying for credit, keeping hard inquiries down and paying everything on time in every bill you have, utilities included. This forum has had many postings over the years by those fresh out of BK wanting to up their scores ASAP to get that car and get credit cards as soon as they can. When they get it all cleaned up, they wonder why they cannot get that car or get the credit card and run up several hard inquiries right out of BK. There are just some creditors who will not grant credit with a BK on one's records no matter how high scores are. A BK is the worst thing one can have on their credit, followed by a foreclosure or repossession. Those things stay on one's credit for a long time and quick fixes to credit reports do not take them away. That's just the way it is and now matter how pretty you wrap the package, it's still a can of worms inside.

While many are relieved to be discharged and the debt taken away, that is just the beginning of having to deal with years of coping with BK on credit reports as to future credit, job applications, background checks, running for public office, and anything else where public information might come into play. Creditors make it difficult for filers by keeping a 13 on your credit records for 7 years from filing and 10 years for a Chapter 7. You are punished basically credit-wise for that time period, and beyond, for filing.

Always be proactive as to your financial affairs but note that rushing to clean up credit reports so soon after filing is not the answer to your financial future as it will be a long time before you can get the BK bear out of your house. That is not meant to be "doom and gloom" but a reason to be smart and savvy as to what you can or can't do 5 years from now. As the years go by after your discharge, you will see what I mean...