We had a car that we surrendered, we were 3 months behind on pymnts, we filed Dec. 10th, Jan. 10th they put a charge off on my CR. Why did they put this on there and does it matter? it should be IIB, can they send me a 1099? Sorry for probably a stupid question but just wondering what it is really .
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This is not a stupid question.
BOA is supposed to show your account IIB with a zero balance as of the date of filing. If your car was charged off PRIOR to the BK, then they can show that in the history. However, if you filed BK prior to the charge off, BOA can not show the charge off on your credit.
These banks just do as they please. You need to dispute the reporting of the TL in order to get it corrected. If you do not dispute - they will not correct it. Good luck.
BTW, yes it matters how everything is reported if you plan to rebuild your credit. Even if you choose never to borrow again - you want to have your credit report accurate because they use the scoring models for all sorts of things - insurance costs, opening bank accounts - lots of uses besides actual issuance of loans/cc's.Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way.. -
We surrendered the car after we filed, so i was thinking it wasn't right. Would i contact the bank about it or the CRA? What is TL?Comment
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TL = tradeline. In this instance, your car.
You might want to try to contact the CRA's first. Dispute the reporting. Then contact the creditor. Send a letter to the CRA's CMRR (Certified Mail Return Receipt Request). Then send to BOA if/when they do not correct it.
You can contact BOA first, but I doubt they will correct it without having the dispute in writing. Usually the creditor says: We have 60 days to report it. So you want to send a letter to them CMRRR
If you do it this way, then you can take BOA to court if they do not correct and you win $$$.
(I am doing the same thing with one of mine - Advanta - they are not even showing the BK 7 at all - much less IIB and zero balance! )Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
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Thanks Starting, i am going to dispute it right away!Comment
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