Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
Author: Guest
Posted: Sun May 23, 2004 11:02 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P84133.asp
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon May 24, 2004 7:38 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
A persons ability to rebuild relies so much on pulling the credit reports just as soon as the bankruptcy discharges, spend a few months disputing getting everything updated properly to reflect zero balance included in bankruptcy - or a person if they want can try credit repair to bump off the negative information. What ever is done, don't apply for any new credit until the credit reports are cleaned or updated.
Author: Board Monitor
Posted: Mon May 24, 2004 7:47 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
Good advice NightStar! Thanks for posting the link as well.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon May 24, 2004 9:57 pm
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
Guest posted the link not myself, but I like it is right on, with the problems facing bankruptcy filings. Really bankruptcy is not the end of the world, I see plenty of people moving right along with refinancing and getting first time mortgages within 2 years average. It is all about damage control on the reporting.
The problem is that usually by the time a person decides to file bankruptcy - they have unfortunately let all of the account listings to delinquent (resulting in individual hits to the scoring) that just keeps getting worse the longer they wait. So that once they file the scores have hit bottom 400 - 500 range.
It does not have to get this bad though, there are people that just as soon as they know it is not going to work out on paying, they will jump straight into bankruptcy... from as agreed. This really does save the credit score and allows these people to rebuild faster then the others.
Also another problem associated with the 1st group, is that by time they file the bankruptcy - the original creditor has already assigned or sold the account to a collection agency & when you have that many companies involved with one account - reporting problems are sure to happen. The original creditor extracts the accounts from their tapes, so that by the time they do hear word about the bankruptcy - their only means of updating is manual means. Which most times, they don't want to bother with on the obligation. So they leave the reporting dead on the credit report just showing the last status prior to the bankruptcy - unfortunately this happens 80% or more of the time.
Another thing, is the messed up view of the creditor concerning the account, they will leave it saying charged off, and when you call them on this, they say yes it is charged off due to bankruptcy. I don't know where they get that idea on their reasoning, but that is a sure way to get sued fast. I have personally heard creditors reason that way, just hard keeping them educated as well as the consumer on these matters.
Now it is nice if everyone could jump from as agreed to bankruptcy when they know the sky is falling, but that is not always the case, most times it is medical that pushes a many people to bankruptcy - so they are waiting, they have on going expenses and are not ready or prepared to staff off the negative affects in the mean time till they have hit bottom to start the bankruptcy process. Just going to depend individually for each person which way they go, if they can save the reporting or if they can later include more debt to be discharged.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun May 23, 2004 11:02 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
http://moneycentral.msn.com/content/Savinganddebt/Managedebt/P84133.asp
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon May 24, 2004 7:38 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
A persons ability to rebuild relies so much on pulling the credit reports just as soon as the bankruptcy discharges, spend a few months disputing getting everything updated properly to reflect zero balance included in bankruptcy - or a person if they want can try credit repair to bump off the negative information. What ever is done, don't apply for any new credit until the credit reports are cleaned or updated.
Author: Board Monitor
Posted: Mon May 24, 2004 7:47 am
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
Good advice NightStar! Thanks for posting the link as well.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Mon May 24, 2004 9:57 pm
Post subject: Check Your Credit Report After Bankrupcy to Reflect a 0 Balance
Guest posted the link not myself, but I like it is right on, with the problems facing bankruptcy filings. Really bankruptcy is not the end of the world, I see plenty of people moving right along with refinancing and getting first time mortgages within 2 years average. It is all about damage control on the reporting.
The problem is that usually by the time a person decides to file bankruptcy - they have unfortunately let all of the account listings to delinquent (resulting in individual hits to the scoring) that just keeps getting worse the longer they wait. So that once they file the scores have hit bottom 400 - 500 range.
It does not have to get this bad though, there are people that just as soon as they know it is not going to work out on paying, they will jump straight into bankruptcy... from as agreed. This really does save the credit score and allows these people to rebuild faster then the others.
Also another problem associated with the 1st group, is that by time they file the bankruptcy - the original creditor has already assigned or sold the account to a collection agency & when you have that many companies involved with one account - reporting problems are sure to happen. The original creditor extracts the accounts from their tapes, so that by the time they do hear word about the bankruptcy - their only means of updating is manual means. Which most times, they don't want to bother with on the obligation. So they leave the reporting dead on the credit report just showing the last status prior to the bankruptcy - unfortunately this happens 80% or more of the time.
Another thing, is the messed up view of the creditor concerning the account, they will leave it saying charged off, and when you call them on this, they say yes it is charged off due to bankruptcy. I don't know where they get that idea on their reasoning, but that is a sure way to get sued fast. I have personally heard creditors reason that way, just hard keeping them educated as well as the consumer on these matters.
Now it is nice if everyone could jump from as agreed to bankruptcy when they know the sky is falling, but that is not always the case, most times it is medical that pushes a many people to bankruptcy - so they are waiting, they have on going expenses and are not ready or prepared to staff off the negative affects in the mean time till they have hit bottom to start the bankruptcy process. Just going to depend individually for each person which way they go, if they can save the reporting or if they can later include more debt to be discharged.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
