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After BK 13 Completion - when/How does it get updated on my credit report?

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  • After BK 13 Completion - when/How does it get updated on my credit report?

    Last week my BK 13 status changed to complete and a closed date was assigned for 1/6/2011. YIPEEE

    Few questions:

    1) How long until the big 3 (EQ, Experian, Trans . . ) are updated that my BK is closed?

    2) How will I know my credit reports have been updated to show it was closed? What am I looking for? Will a close date be posted somewhere?


    3) Is it worth it to join one of those credit monitoring companies so that I can see things in "live time" as my credit reports change?


    In short, I applied to Cap One for an auto loan. As I have read all of these great reviews of how people got approved just days out of BK completion. I was denied due to "BK on file". So I am confused. Don't we ALL have a BK on file? Or is it because mine is still showing as an "open bk"??

    Anyway, I called Cap 1 . . and the guy was very nice. Said he can't tell me much over the phone but recommended that once I VERIFY the BK shows as closed on my credit reports, to reapply at C1.

    How long does it take to show on my credit report? How will I know my credit reports have been updated to the close of my BK?

    Thanks

  • #2
    Originally posted by Kuya View Post
    Last week my BK 13 status changed to complete and a closed date was assigned for 1/6/2011. YIPEEE

    Few questions:

    1) How long until the big 3 (EQ, Experian, Trans . . ) are updated that my BK is closed? Once your have an actual Discharge Order, that will update the Public Record section of all three reports. It too about 3 days for my discharge to appear.

    2) How will I know my credit reports have been updated to show it was closed? What am I looking for? Will a close date be posted somewhere?It will show as discharged under the public record section. "Closed" has no meaning or status, just "Discharged" and the date of the discharge order.

    Thanks
    Congrats on finishing up a Ch13 Plan, and good luck getting the car loan!

    John
    Filed Chapter 13 pro se: 9/30/2008, 341 Meeting: 11/15/2008, Plan Approved: 1/6/2009, 100% of all claims paid: 10/19/2010. Trustee closed case: 11/5/10 DISCHARGED: 11/18/10

    Comment


    • #3
      John . . thanks for the information!

      So, perhaps I am confusing "closed" or "complete" with "discharged"??

      I logged into my 13data . . . account and it listed as

      Status: closed
      Complete date: 1/6/2011

      I thought complete was like . . poof, you are done lol. Am I now waiting for it to go from complete to discharge? If so, what is the difference and what do they need to do . . for this to update to discharged?

      Not sure I follow what exactly is the difference between "complete" and "discharged"

      Comment


      • #4
        The 13data site shows "closed" when the trustee makes the last payments to creditors. The trustee now has to audit your accounts, and all of the final payments have to get cashed by the creditors, then the trustee will issue a report to the Court, which then will issue the Discharge Order. If you want to watch, and have a PACER account, you can see the discharge when the Court issues it. You will get a copy of the discharge in the mail a few days after it is issued. After the discharge, the court will then "discharge" the trustee and close the case.

        John
        Filed Chapter 13 pro se: 9/30/2008, 341 Meeting: 11/15/2008, Plan Approved: 1/6/2009, 100% of all claims paid: 10/19/2010. Trustee closed case: 11/5/10 DISCHARGED: 11/18/10

        Comment


        • #5
          ahhh . . ok . .. . so even though I am done . . it looks like I will have another month or two before it's all "discharged" Oh well .. .waited this long, 8 more weeks wont kill me haha. Will they continue to take payroll deductions during this time, until the court processes the discharge? They already have about $1,000 overpaid . . . and I am paying about $500 a month into the plan.

          On one hand . . will be nice to get the refund check . . . eventually. On the other hand, I have been living like this for 5 years and I really look forward to having the $500 back in my pay checks.

          Do you think a Pacer account is worth it? I just signed up for one . . that was free . .but I see there is a fee to view each page. $.08 is not bad, but does it add up quickly? Is it $.08 each time you look at the same thing?

          Thanks for your clarification . . .it has helped a lot.

          Comment


          • #6
            To keep PACER at the free level, just search for your case by case number, and look at the top for the "last activity" date. If that stays the same, no need to look at the docket report to see what changed. If you keep the views under 10 dollars a quarter, there is no charge for it, and since you are at the end, it should be no problem to keep your charges under 10 bucks. The wait is worth it, and since I was pro se, I just called the trustee when I had paid in all required funds, and they wrote a letter to stop the payroll deductions. If not, then the deductions continue until the judge issues the discharge order.

            John
            Filed Chapter 13 pro se: 9/30/2008, 341 Meeting: 11/15/2008, Plan Approved: 1/6/2009, 100% of all claims paid: 10/19/2010. Trustee closed case: 11/5/10 DISCHARGED: 11/18/10

            Comment


            • #7
              Thanks again John! This is good information . that I was not aware of. I have learned something today. Which is why, I was still having issues getting approved for an auto loan. . .

              Another month or two and it should be all finished - or should I say "discharged". And I think I will leave things as they are. I kinda look forward to getting a refund of $1,500 to $2,000. It will come right around my tax refund too . . It's like having an instant nest egg, after 5 hard years.

              Thanks again for the good info!

              Comment

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