How your credit report should look post-BK

I'm not in this process yet, but there seems to be a lot of little questions always floating around and want to get the experts to chime in in one place.

Condition
Is this closed or is this where it will say IIB (Included in BK)?

Balance
Zero or blank (depends on the CRA)

High Balance
Zero

Limit
Zero

Pay Status
Is this closed or is this where it will say IIB (Included in BK)?

Payment History/Late Payments
Does the 2 year history all go blank/OK or does your old payment history stick?

Anything else to add?

then after it is completed, make it a sticky!!!!!!!!!!!!!!

thanks for starting the post

I'm not in this process yet, but there seems to be a lot of little questions always floating around and want to get the experts to chime in in one place.

Condition
Is this closed or is this where it will say IIB (Included in BK)?

Balance
Zero or blank (depends on the CRA)

High Balance
Zero

Limit
Zero

Pay Status
Is this closed or is this where it will say IIB (Included in BK)?

Payment History/Late Payments
Does the 2 year history all go blank/OK or does your old payment history stick?

Anything else to add?


Is that correct, the high balance should also reflect zero? none of mine do, only the Limit shows zero.

I'm not in this process yet, but there seems to be a lot of little questions always floating around and want to get the experts to chime in in one place.

Condition
Is this closed or is this where it will say IIB (Included in BK)?

Balance
Zero or blank (depends on the CRA)

High Balance
Zero

Limit
Zero

Pay Status
Is this closed or is this where it will say IIB (Included in BK)?

Payment History/Late Payments
Does the 2 year history all go blank/OK or does your old payment history stick?

Anything else to add?

Here's my take on it.
Anything from previous account history, pay status, and late payments should be wiped clean.

All account balances should say zero, and ONLY state "included in Bankruptcy."

I feel that anything else is in violation of law, due to the fact that bankruptcy entitles the filer to a fresh start. Anything else that reports otherwise doesn't give you a fresh start, and is violating the law!

Yeah, I knew the experts in credit repair would start chiming in!

Here's my take on it.
Anything from previous account history, pay status, and late payments should be wiped clean.

All account balances should say zero, and ONLY state "included in Bankruptcy."

I feel that anything else is in violation of law, due to the fact that bankruptcy entitles the filer to a fresh start. Anything else that reports otherwise doesn't give you a fresh start, and is violating the law!

So are you saying they can not keep reporting collection account or charge off anymore? :unsure: :unsure:

They can legally report lates and Charge Off's that happened PRIOR to your filing date, but not AFTER your filing date.

So if you had a charge off before you filed, it shall remain labeled as Charge Off (and should also be noted as IBB with a 0 balance).

If you had lates PRIOR to filing, they shall remain. They cannot report late payments AFTER your filing date because of the auto stay.

All accounts that were included in BK should have a ZERO balance. However, there are some die hards out there, like Chase, MBNA, Citi, that refuse to report it correctly and other than suing them, they refuse to budge. That has been my experience, and I've read it many times here and on other boards as well.

Your fresh start wipes out your debts and any lates or CO's after your filing date, however, it does not wipe the 2 year history clean.

Anyone have a screen capture (without indentifying information) that they'd want to share about their report?

I'd love to, once I get it cleaned up.

Mine is a COMPLETE mess with creditors reporting anything they want. I'm climbing the glass mountain :aggress:


Anyone have a screen capture (without indentifying information) that they'd want to share about their report?

Anyone have a screen capture (without indentifying information) that they'd want to share about their report?

I hope this helps answer your question.

This was taken from my Trans Union today.

AMERICAN EXPRESS #7XXXXXXXXXXXXXXXX


PO BOX 297871
FORT LAUDERDAL , FL 33329-7871
(800) 874-2717

Balance:

Date Verified:
02/2005
High Balance:
$180
Pay Status:
>Payment After Charge Off/Collection<
Account Type:
Open Account
Responsibility:
Individual Account
Date Opened:
01/2005
Date Closed:
02/2005
Date Paid:
05/2005
Loan Type: Charge Account
Remark:
>Included in bankruptcy<
Estimated date that this item will be removed: 01/2012

This is from Equifax.

AMEX

PO Box 297871
Fort Lauderdale, FL 333297871
(800) 874-2717
Account Number: -7XXXXXXXX Current Status: INCLUDED IN BANKRUPTCY
Account Owner: Individual Account. High Credit: $0
Type of Account n/a Credit Limit: $0
Term Duration: Terms Frequency:
Date Opened: 01/2005 Balance: $0
Date Reported: 08/2006 Amount Past Due: $0
Date of Last Payment: Actual Payment Amount: $0
Scheduled Payment Amount: $0 Date of Last Activity: 02/2005
Date Major Delinquency First Reported: Months Reviewed: 1
Creditor Classification: Activity Description: Paid and Closed
Charge Off Amount: $0 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: 02/2005 Type of Loan: Charge Account
Comments: Bankruptcy chapter 7
81-Month Payment History
No 81-Month Payment Data available for display.

This is from Experian.

AMEX

Status Details:This account is scheduled to continue on record until Feb 2012.This item was verified and updated on Sep 2006.
Address: PO BOX 297812 FT LAUDERDALE, FL 33329
(800) 528-2122
Account Number:7XXXXXXXXXXXXXXX

Status:Debt included in Bankruptcy/Account charged off.
Date Opened: 10/2004
Type: Revolving
Credit Limit:NA
Date of Status: 02/2005
Terms:NA
High Balance: $2,145
Reported Since: 02/2005
Monthly Payment:$0 Recent Balance:$0
Last Reported Date: 02/2005 Responsibility:Individual Recent Payment:$0
Your Statement: NA
Creditor's Statement: Account closed at credit grantor's request.
Account History: Debt included in Bankruptcy on Feb 28, 2005
Balance History:
02/2005 $0
01/2005 $0
12/2004 $0
Limit High Balance History:
Between Dec 2004 and Feb 2005, your credit limit/high balance was $2,100

Trade, you're awesome! Thanks!

Trade, you're awesome! Thanks!

Anytime.:blush2:

I still don't see how it's legal for them to be able to report a Charge off, even if it WAS charged off before Bankruptcy.

The whole idea of Bankruptcy is to allow a fresh and completely clean slate. Therefore, to be able to report a Charge off/collection on anyone's credit report after it has been discharged, is clearly not allowing the debtor to have a fresh start, that is guaranteed under the United States Bankruptcy codes.

Any sort of a payment history, balance, anything... that's not giving the debtor a fresh start, period.

The BK codes work to guarantee a fresh start--most of your usecured debts will be discharged. The law does not guarantee a clean credit report and a better FICO score--just an accurate one.

i'm not fighting with a creditor that decided to stick an account AFTER i filed for bk.

And i disputed online, and it was denied. So now I got $5k in a 'balance'.

wtf. Now i gotta mail a letter and shit. Worst case, i may hire trinitycreditservices and pay $750 and tell them to battle it out or take it to court.

I wonder if i can get the trustee's or ftc to step in. But I remember, the cr system is designed to work against the individula as much as possible. You have no legal rights except to 'sue'.

n

i'm not fighting with a creditor that decided to stick an account AFTER i filed for bk.

And i disputed online, and it was denied. So now I got $5k in a 'balance'.

wtf. Now i gotta mail a letter and shit. Worst case, i may hire trinitycreditservices and pay $750 and tell them to battle it out or take it to court.

I wonder if i can get the trustee's or ftc to step in. But I remember, the cr system is designed to work against the individula as much as possible. You have no legal rights except to 'sue'.

n


was this to fix all of your credit report or was the 750.00 to fix just this one issue

Don't pay someone $750 for something you can do yourself (remember let's use that fresh start wisely). It will take a few letters, but you'll get it off.

Click the "File a Complaint" link here on the FTC site: http://www.ftc.gov/bcp/conline/edcams/credit/coninfo_reports.htm

Don't pay someone $750 for something you can do yourself (remember let's use that fresh start wisely). It will take a few letters, but you'll get it off.

Click the "File a Complaint" link here on the FTC site: http://www.ftc.gov/bcp/conline/edcams/credit/coninfo_reports.htm

easier said than done.

the 'write a letter and it'll just vanish' technique is a big ol' myth. Worked 10 years ago.

With creditors having internet access to the credit agencies - they rarley not respond. And agencies now dispute with creditors electronically so there's no mail delay.

And if you get denied, you can't just send more letters and keep disputing til it's done. Which is why it's important to dispute properly the first time.

$750 = clean up your whole report. 50-80% of items can be removed 'completely'.

btw: I complained with the ftc. I got a 'default reply letter' in response. So much for that huh?

r

$750 = clean up your whole report. 50-80% of items can be removed 'completely'.


I would love to see their written gurantee to this effect for $750.00. I went down this road already with xxxxxxxxxxxxx $99.00 up front. $40 a month there after. They did remove a few items. But I did better on my own....

I would love to see their written gurantee to this effect for $750.00. I went down this road already with xxxxxxxxxxxxx $99.00 up front. $40 a month there after. They did remove a few items. But I did better on my own....

it's guaranteed on their website. They even have former cr agency employees on their staff. They'll even review your cr for free.

$750 vs my time and headache and hours of research and worrying if i screw up once I can't dispute again - is worth it.

Kinda like filing alone or with a lawyers help. You pay for that expert knowledge.

r

it's guaranteed on their website. They even have former cr agency employees on their staff. They'll even review your cr for free.

$750 vs my time and headache and hours of research and worrying if i screw up once I can't dispute again - is worth it.

Kinda like filing alone or with a lawyers help. You pay for that expert knowledge.

r

Or, you take some free time, and read up on this information yourself, and save yourself $750.00.

On the other hand, I can see why some people wouldn't want to deal with the hassle themselves. Totally. It's a very long lengthy and drawn out process that can take months, sometimes years, of your life to take care of.