question about 13 and credit report

[soclose]

Does a completed Chapter 13 show on your credit report as discharged or paid satisfactory? I know it hurts your credit to file but to you get any props for completing your payments? (only have 7 more payments and starting to get excited) Any advice would be appreciated just so I know what to expect.

[rrockinggramma]

well I still don't have an answer but I will post my experience and maybe someone will know. I filed in aug 05 so am getting close to the end. I have been cleaning up my reports and disputed accounts to reflect the IIB/zero balance. Well some are coming back as "paid as agreed in wage earner plan" Now it made my score go up a little. So after I am discharged I have no clue what it will say, hopefully IIB/zero balance???? maybe someone will know.

[arkienurse]

I don't think completing the plan really does anything. Mine was closed in Dec, pulled 2 of my freebies so far this month. Both are showing discharged, but the bk public record itself is still under negative/derogatory. And the individual accts still show ch 13 bk/wage earner plan.
Only thing that has me aggravated right now is that on my reports, usbank is showing charge off for the entire amound of my auto claim. Hubby's is showing charge off on the usbank account, which was joint, and also on the claim for his truck, which was not joint. But Transunion isn't showing the charge offs for either one of us. And the experian reports have the dates all wrong. I sent off a dispute letter for mine today, hope to get time to do DH's in the next day or so.

[chpxiii]

Your bankruptcy should show up as being discharged (provided you were actually discharged and not dismissed.)

All of your creditors who were included in your creditor matrix should say: $0 balance, $0 due, and the status should say "Included In Bankruptcy" or "Included in Wage Earner" or some similar status to indicate that it was included in a bankruptcy.

Anything else and it is incorrect reporting.

[soclose]

thanks

thanks to all that responded. It really helped

[Flamingo]

Does a completed Chapter 13 show on your credit report as discharged or paid satisfactory? I know it hurts your credit to file but to you get any props for completing your payments? (only have 7 more payments and starting to get excited) Any advice would be appreciated just so I know what to expect.

We were discharged 8/06. It takes a few months but the creditors on your reports will start showing your matter as discharged. Also the Court record showing as discharged will be listed on your reports. Your balances should be listed as zero with no late payments for each creditor or charge offs. If that is showing, dispute it. It is always to your advantage to complete a Chapter 13 with no late or missing payments especially if you want to refinance when the Plan is over. No mortgage company will touch you with a missing or late Plan payment. When we obtained a new car at the end of our Plan (through GMAC), we were advised by the finance manager at the dealership that the way we handled ourselves credit wise and payment wise during our 13 was a big factor. Our mortgage broker when we refinanced told us the same. Just remember that the BK on your credit reports will stay there for 7 years from the date of filing with a 13. Our start coming off April of next year although I notice that some creditors have them listed as starting to come off the end of this year. We filed in 4/02 with no late payments on anything. Hopefully that will give you an idea as to a successful plan and what can occur.

[stljohn]

it shouldn't take months. I waited 3 weeks after discharge and ordered up my reports. EX and EQ showed discharged, TU did not and I disputed because if its not discharged creditors will decline because no one will deal with an open bk.

[Flamingo]

it shouldn't take months. I waited 3 weeks after discharge and ordered up my reports. EX and EQ showed discharged, TU did not and I disputed because if its not discharged creditors will decline because no one will deal with an open bk.

It can take several months after the date of your discharge for all creditors to show on all your credit reports as your debt with them being discharged in bankruptcy. What will probably show up first and maybe quickly is the information from the BK Court as to your filing which is listed at the beginning of each credit report. It is best to wait several weeks after your discharge to see what creditors have not reported you as being discharged and to ensure the BK court has reported to the credit reporting agencies that you are discharged. Then one can dispute the remaining creditors that are not reporting as discharged to clean up the entire report. None of this really matters that much because you still will have BK showing on all reports for 7 years after filing. If you are recently discharged and looking for credit you can advise the creditor that you are recently discharged and provide them with a copy of the discharge before they run your credit reports so you have yourself covered. Whether or not that will make a difference only that creditor can tell you. There is no magic bullet to getting arouond BK on your credit reports. Just BK on your reports, whether active or discharged, can be enough for any credit denial.

[MajorMike]

After you're discharged ( normally 5 years on a 13 but some have 3 years ) , you only have to wait 2 more years usually before it's off your report. Most chapter 13er's can buy a house after 2 years in chapter 13. There is so much I didn't know that I know now from this forum and online.

[stljohn]

It can take several months after the date of your discharge for all creditors to show on all your credit reports as your debt with them being discharged in bankruptcy. What will probably show up first and maybe quickly is the information from the BK Court as to your filing which is listed at the beginning of each credit report. It is best to wait several weeks after your discharge to see what creditors have not reported you as being discharged and to ensure the BK court has reported to the credit reporting agencies that you are discharged. Then one can dispute the remaining creditors that are not reporting as discharged to clean up the entire report. None of this really matters that much because you still will have BK showing on all reports for 7 years after filing. If you are recently discharged and looking for credit you can advise the creditor that you are recently discharged and provide them with a copy of the discharge before they run your credit reports so you have yourself covered. Whether or not that will make a difference only that creditor can tell you. There is no magic bullet to getting arouond BK on your credit reports. Just BK on your reports, whether active or discharged, can be enough for any credit denial.

Thank you I'm quite aware of all that however I was referring to the BK itself, not each TL. There is no reason it should take months for the BK to be updated except for the failure of the CRA.