Balance Date?

[joehd]

I filed bankrutcy 4-2000. Going though my credit report I notice that the creditors are still reporting. Is this allowed?

  
                            Equifax    
    
 GMAC - Automobile   
                            INSTALLMENT        
 Account Number:    xxx  
 Ownership:            Individual       
 Date Open:            05-1998       
 Balance Date:         05-2006       
 Balance Amount:           
 Monthly Payment:           
 High/Limit:           
 Account Status:     Included in Bankruptcy         
 Prior Delinquency:           
 Past Due Amount:           
 Account History:     Current       
 Comments:             Bankruptcy Chapter 7  

Notice that my report says "Balance Date : 05-2006". I'm not sure if this is being reported correctly or not.

[HHM]

Honestly, even if it was inaccurate, it doesn't make any difference.

When did you pull your credit report?, depending on the type of credit report and who you got it from, all balance date means is the last time the creditor updated the account information with the credit reporting agency.

Otherwise, everthing else looks like it should. I wouldn't worry about it.

[down @ out]

Reporting Dates

I am having the same issue with several creditors who show correct information regarding bankruptcy, etc., but continue to report on occasion.

I have been told this hurts your credit scores because it indicates to new creditors, etc., that the bankruptcy happened very recently. Also since there does not exist an account with the creditor after the bankruptcy date, no reporting should be done period.

Any thoughts on this?

Thanks

[HHM]

I am having the same issue with several creditors who show correct information regarding bankruptcy, etc., but continue to report on occasion.

I have been told this hurts your credit scores because it indicates to new creditors, etc., that the bankruptcy happened very recently. Also since there does not exist an account with the creditor after the bankruptcy date, no reporting should be done period.

Any thoughts on this?

Thanks

Sorry, but you have been misinformed on both counts.
1. The bankruptcy, itself, is reported in the public records section of your credit report, so creditors will know exactly when you filed.
2. Remember, a credit report is your credit HISTORY...closing of accounts (by whatever means, bankruptcy, you closing it), does not extinguish the fact that you "HAD" the account, and that is the fact that is being reported. I don't have the exact number of years a closed account may be reported off the top of my head, but it is a rather long time. Moreover, it's "accurate" information.

[CindyLou]

as long that the balance they are reporting is "zero" then its fine. many of mine say that. they are basically updating your account with no new info.