We had just pulled all three credit reports for my fiancee. She was discharged in early Feb. so we figured this would be enough time for the credit report to be updated. We noticed that in the line for Condition it said Derogatory on some of the accounts. Is this allowable and what does it mean?
She also has some accounts listed as Collection/Chargeoff which I thought wasn't allowed.
The only place it says anything about bankruptcy is in the Remarks section. There each credit company (Trans,Exp,Eq) has different wording but some sort of bankruptcy, chapter 7 ect. Is that the only place it should mention her banckruptcy? I thought I should see IIB somewhere?
BTW, her score was 420 and is now 601,633,659!!
jibb3r
04-16-2009, 05:57 AM
Ah yes, I am in the same boat, almost word for word! Although I don't have the answers, mine too says Derogatory or chargeoff/collection on just about all of the accounts. I'm still active in my 13, so I figured it wasn't time for them to fix the accounts yet... who knows?
I'm anxious to see what the replies are.
These are great questions. Im going to subscribe to this thread pending the feedback.
From doing some searching it sounds like it may stick on the report if you were "late" on that item. I know the charge off can be dissputed but not sure about the derogatory remarks.
Hopefully someone who dissputed such remarks can add to this post and help us out!
Flamingo
04-16-2009, 08:15 AM
Derogatory is a standard statement in at least one of the three major credit reporting agencies' reports. One of them breaks accounts into two sections; Derogatory Accounts (having a bad/negative impact on your credit) and Accounts in Good Standing. Accounts included in a BK will end up in the Derogatory section and stay there until the 7 or 10 year time period runs out and then they will be removed.
Accounts included in BK in that section should eventually read "included in or discharged in bankruptcy" and should list a zero balance. If the account was charged off or late prior to the filing date, that information usually remains.
Credit scores may go up somewhat as you indicate in your posting after filing but the BK on your credit reports can offset that just because a BK is one of the worst things that can appear on your credit reports. Foreclosure and Repossession are the others.
So, it sounds as if the term "Derogatory" will stay on her report for some time.
The two accounts though that have Collection/Chargeoff. One was for her house (which was not charged off) and the other for a credit card used for overdraft for the house. That one was in collections but she still received mail from the company wanting their money.
Should we write to the credit companies about both or just the house account?
