Luna, a question for you
Speaking from personal experience.....it DOES make a difference on your credit report if you SIGN a Reaffirmation or not. If you DO sign a Reaffirmation...your tradeline is noted "Included in BK- Reaffirmed Debt". Once it is noted as such...your continued payment history IS REPORTED and as long as you are ON TIME it will continue as a "Satisfactory Account". If you do NOT sign a Reaffirmation and just continue to make payments...the tradeline will only show as "Included or Discharged in BK" and they will NOT report any payment history..because it is a DISCHARGED debt and they are not permiited by law to report anything more after the BK filing date on such an account of this categorization.
I was just wondering if you knew where I could find the law that says creditors are not permitted to report anything after the filing date. Here is my situation. We choose to continue paying three secured debts...a mortgage and two car payments. All three are through credit unions. We never had a problem with two of them...the mortgage and one car payment have continued to be reported as being paid on time. We did not sign reaffirmations because they are not legally required in the state of Washington. Just a little concerned now. If they are reporting our payments illegally, what if they stop? Will my credit score suffer drastically?
As for the other car payment, (which is through the same credit union that is reporting our mortgage payments as on time), would it improve my credit score my much if I let the car go back and bought a new one from someone who would report the payments?
Thanks for any help,
akgirl