Credit Report After Bankruptcy
Author: muffin3
Guest
Posted: Thu Jan 01, 2004 7:31 am
I filed Chapter 7 and was Discharge on 6/03 I had two accounts with Orchard Bank/HH it went to an collections agency Midland when I filed my papers I included Midland and the claim number that they gave me per their letter on my Schedule F. Now HH Bank is reporting this account as a Charge OFF account also I have a credit report before filing Chapt 7 that stated this Account Transferred/Sold. What can I do to get this straighten out?
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Guest
Posted: Thu Jan 01, 2004 7:31 am
I filed Chapter 7 and was Discharge on 6/03 I had two accounts with Orchard Bank/HH it went to an collections agency Midland when I filed my papers I included Midland and the claim number that they gave me per their letter on my Schedule F. Now HH Bank is reporting this account as a Charge OFF account also I have a credit report before filing Chapt 7 that stated this Account Transferred/Sold. What can I do to get this straighten out?
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posted by CardRatings.com at 1:54 PM
8 Comments:
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 1760
Location: Illinois
Posted: Thu Jan 01, 2004 2:14 pm
The quickest way to at the least get accurate reporting is to forward a copy of the schedule F bankruptcy papers to each of the CRAs, with a letter listing all the creditors currently on that credit report that is not reporting right, and let them know you want them all updated to reflect zero balance & included in bankruptcy.
If the one was sold prior to the bankruptcy then they may still be able to report transferred or sold, but it must also report zero balance since they no longer have the account. May also be showing charge off, it you have your choice though would rather get this one updated to show included in bankruptcy though.
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Author: muffin3
Guest
Posted: Thu Jan 01, 2004 2:56 pm
It was sold to a collection agency after I filed this is why I included that collection agency on my Schedule F. So do I still have a recourse?
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 1760
Location: Illinois
Posted: Thu Jan 01, 2004 5:10 pm
May try for straight up credit repair, dispute with the Credit Reporting Agency that this is not your account & that you want it removed from the credit report.
Will take them 30 days to contact the creditor to investigate and get back to you with the results. At worse the creditor would verify that in fact it is your account and leave it on the credit report. At best the creditor slips up and fails to verify within the allowed time resulting in deletion of the derogetory remark.
See the CRA has 30 days to complete the investigation and get back to you, but the creditor only gets 5 days to reply to the CRA. And it is often that they fail to do this, there fore the CRA has had to comply with the consumer when there is no word from the creditor.
The creditor can still reply after the 5 days, but the CRA is obligated to notify you within 5 days of the re-insertion if added back. This it where the CRA messes up every time, on giving proper notice.
If disputing that you do not acknowledge having such an account with the creditor does not work, then moving on to locate errors in the reporting with request to remove will do..
Incorrect Balance
Incorrect High Credit
Incorrect Credit Limit
Incorrect Open Date
Incorrect Last Activity Date
Incorrect Late Date Listings
Any thing within the tradeline can be disputed, the CRA don't rightly care what reason you give them, they break them down any way, and forward to the creditors to follow up.
There are plenty people that once they set their mind to it, and have persistance to keep up the disputes, eventually they have accomplished removal of said accounts from the credit report.
It is not easy, sometimes it can take months, it is all trial & error on this part.
May also be if you just forward the bankruptcy papers they will assume one thing and update another... I have seen people get some of the strangest results when disputing. Just don't know until you try, bit of imagination and creativity can sometimes produce remarkable results.
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Author: Muffin3
Guest
Posted: Fri Jan 02, 2004 6:20 am
Correction: I will sold to a Collection Agency in Nov. "02 and I filed BK in Feb. "03. So does this make a big difference?
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Author: Muffin3
Guest
Posted: Fri Jan 02, 2004 1:44 pm
Correction: I was sold to Midland on 11/02, I filed BK on 2/03. So does this make a difference on how they included this Charges off account on my credit report?
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Author: Guest
Posted: Mon Jan 05, 2004 6:03 pm
1*The quickest way to at the least get accurate reporting is to forward a copy of the schedule F bankruptcy papers to each of the CRAs,
NightStar
==================
1*This is very bad advice
Night star is in the dark on this.
NightStar wrote:
The quickest way to at the least get accurate reporting is to forward a copy of the schedule F bankruptcy papers to each of the CRAs, with a letter listing all the creditors currently on that credit report that is not reporting right, and let them know you want them all updated to reflect zero balance & included in bankruptcy.
If the one was sold prior to the bankruptcy then they may still be able to report transferred or sold, but it must also report zero balance since they no longer have the account. May also be showing charge off, it you have your choice though would rather get this one updated to show included in bankruptcy though.
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 649
Location: NJ
Posted: Mon Jan 05, 2004 10:37 pm
And since NightStar is so "in the dark" about this, your advice, guest, would be.....????
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 1760
Location: Illinois
Posted: Mon Jan 05, 2004 10:42 pm
No it is not, in fact it is the proper way to update the CRAs unless you are of the time and means to run with credit repair.
I work along side of the mortgage industry and see a whole lot of people day to day that don't have the time to go credit repair route, loans pending that can't wait 30 days to move.
So this is the correct method if you just need accracy to move forward.
If you have 4 to 6 months to run with credit repair, then all the more power to you, the alternate is to start out by updating the personal information, then to go back and dispute that all accounts included in the bankruptcy don't belong to you. This takes time that not everyone has.
All it takes to close on a mortgage loan is accuracy for the lender, meaning zero balance to be showing. Otherwise the lender is going to tell you straight up that you have to pay what ever is showing a balance on the credit report before they will approve you for the loan.
Some packages require re-scoring before the loan can be completed, so just showing the bank the bankruptcy papers is not always going to settle the matter.
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