Credit Report Questions

[$$only4ever]

I have 8 payments remaining in my Chapter 13 and I decided to do the dreaded "clean up your credit report" thing.Actually not as bad as I thought and the credit scores ranged from 680-691, which I did not think was too bad considering I am not discharged yet. I do have some questions:

1. My auto loan was paid outside of plan. I paid it off in 11/2008. The entry on the credit report shows as an open item (not negative and no mention of bankruptcy). Last date reported-06/2005. If I dispute it and want it updated to say closed, paid as agreed, which they may or may not do, will this have any impact on my FICO score or should I leave sleeping dogs lie?

2. I have heard that when you are discharged and everyone updates the credit report to show IIB and 0 balances, your actual FICO score goes down instead of up. Is that true? I was never late with anything before I filed, no charge-offs, etc so I am hoping the hammer won't fall so hard at the end.

3. I orginally filed a chapter 7; was made to convert to a chapter 13. All of the credit agencies are reporting it correctly in the public records, except for Equifax, who said on my credit report that a chapter 7 was filed and on DH's a chapter 7 discharge. What would be the best way of disputing this?
I thought writing a letter to the courts and including copy of the chapter 13 confirmation. I would cc the trustee and then send all documentation to Equifax. I am not too sure and would like any suggestions, help, etc.

Again any suggestions, advice, knowledge, etc would be greatly appreciated. Thanks.

[$$only4ever]

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[lrprn]

$$, the questions you are asking are specific ones to your situation that unless a member has been in your position (converted 7 to 13, paid car outside plan, and then dealt with the credit report), it's hard to know what to say and know that it's reliable information. Sorry

1. Whether your car lender will report the successfully completed loan to the credit agencies is up to the lender. Reporting to the CAs is voluntary. You can contact the lender directly after your 13 is over and ask if they will report the loan. Hopefully they will say yes, but there's no requirement that they do so.

2. All unsecured and surrendered secured accounts that were listed on your filing forms should say IIB with $0 owed right now unless they were charged off before filing. Being discharged won't suddenly move these accounts to IIB.

3. I would dispute so Equifax states that you coverted to Ch 13, only because home and car lenders tend to see Ch 13 more kindly than Ch 7. You shouldn't have to involve the court or trustee. Dispute in writing first - let Equifax do the leg work. If they won't change the designation, then send Equifax copies of your Ch 13 conversion order and plan confirmation signed by the judge. You can print those out from PACER. That should do the trick

This may not be the right thing to do, but given what you've told us about the rest of your credit report not having any real "baddies" on it and that your current scores are in a good place now, I'd be tempted to just leave the rest of it well enough alone. Flipping multiple "late" accounts to IIB could negatively impact your credit score - I don't know how much though.