Cleaning Up Your Credit Report

[lrprn]

Am I correct in thinking that it is ok that my credit reports list my discharged debts as long as it is listed as "included in bankruptcy" and at a $0 balance? Or should I be trying to get them all removed completely?

If the debts are legitimate, were included in your bankruptcy, and discharged, then you want to ensure that all the credit agencies list those debts as IIB (included in bankruptcy) with a balance of zero. Send disputes in for any account that isn't showing that way. Keep checking your credit reports because some accounts may return to the incorrect status after a few months.

Frankly, the only way to get legitimate debts removed from your credit reports is to.....well.....lie to the credit agencies telling them repeatedly that the debt is "not yours", even though it is. Many filers find that kind of self-serving dishonesty morally wrong. There are many shyster-type credit recovery companies out there who promise to do just this for you or you can do it yourself.

Whether you want to try to fool your credit agencies into deleting your legitimate "bads" or not depends on whether you can still look yourself in the mirror and sleep at night if you choose to do it.

[matchu]

Hi everyone, longtime lurker here! I have read through this thread and I am still a bit confused.

Am I correct in thinking that it is ok that my credit reports list my discharged debts as long as it is listed as "included in bankruptcy" and at a $0 balance? Or should I be trying to get them all removed completely?!

Thank you all for your help!

[nomoneynomore]

Refirmed on Credit Report??

We filed Ch 7 last year and were discharged in Sept '08. We reaffirmed our house & our vehicle and paid them both off in March of this year. Both of these are still showing as "included in bankruptcy". Is this correct? Shouldn't it show that they were both reaffirmed and paid in full rather than included? I would think this would help improve our credit as it shows that we really were trying to do what was best.

Thanks!

[HHM]

All 3 credit reporting agencies allow you to contest anything on your credit report right online for free. No need to send letters anymore. It is really simple. Try it this way first, then if you have problems, send the reporting agency a letter. If they can't fix the bad entry, then contact the credit card company directly.

However, last I checked, if you use the online dispute, part of the disclosure waives certain rights under FCRA. (Fair Credit Reporting Act). For routine disputes, i.e. Chase is still reporting Balance Due, after a BK discharge and it should be reported as IIB, then online is ok for that. But if you have many Junk Debt Buyers and Collection Agencies on your credit report, I would do the letters to preserve your rights under FCRA.

[moneytrouble]

All 3 credit reporting agencies allow you to contest anything on your credit report right online for free. No need to send letters anymore. It is really simple. Try it this way first, then if you have problems, send the reporting agency a letter. If they can't fix the bad entry, then contact the credit card company directly.

[sippy]

1rprn, thanks for your response!! No the KD is the last entry and was entered in the months after I filed.

[lrprn]

I have a question about my credit report. I was discharged Chapter 7 02/09 and checked my credit report a few days ago. Capital One is reporting "Account transferred to another office" instead of IIB. Who do I contact to have this corrected, Experian or Capital One?

Start with Experian. If they confirm the status is accurate, move on to Capital One. Contact Experian (and if necessary CapOne) in writing by sending registered, return receipt letters to create a paper trail.

Also, the accounts that were listed IIB are reporting the dollar amounts on Limit and High Balance but have the balance as zero. Does this matter and do these numbers stay on there?

As long as the accounts are IIB and the balance is zero, that's all that really matters.

one other thing, on the payment history section the last entry has KD (Key Derogatory). Is this normal after the BR?

If KD was accurate when you filed, then the original creditor can keep that designation because it was the truth before you filed. Is that the case?

[sippy]

I have a question about my credit report. I was discharged Chapter 7 02/09 and checked my credit report a few days ago. Capital One is reporting "Account transferred to another office" instead of IIB. Who do I contact to have this corrected, Experian or Capital One? I have read the post but was a little confused. Also, the accounts that were listed IIB are reporting the dollar amounts on Limit and High Balance but have the balance as zero. Does this matter and do these numbers stay on there? one other thing, on the payment history section the last entry has KD (Key Derogatory). Is this normal after the BR? Love this site!!!

[kathuizar]

first of all i would like to thank this site for all the information i have recieved and learned. i filed chapter 7 in oct 05 was financed for a new truck before discharge. checked with trustee he said it was fine, was discharged on 1/06 and thanks to this site i now have learned how it is done. i pulled all 3 cr and was shocked, had i not known about this site i would have went beserk. i started adding up all my disputes and mine alone were 47 and the wifes were close to 80. today i was informed that equifax has agreed to remove almost everything. now i am going after the other cra and look forward to the outcome. i was working with a housing lender until she told me it would cost 700.00 to remove the bad off of my cr. i did it for a fraction of the cost. my goal is to have a house with in the next 6 months and thanks to everyone here i now know the steps to take. now off to the eye doctor i go as there is a price to pay as you learn. i am now crossed eyed., if anyone needs a great collection of dispute letters that i have made for all of my derogs just let me know and i will send them, thanks again

Yes, I would love to have a copy of those dispute letters. My email is [email protected]. (If you still have them now.) Thank you.

[sguerra923]

Go to this site and look up the correct dispute letters: www.creditinfocenter.com

Yes you have to write the letters yourself the attorney's don't do this unless they are taking a creditor to court for sanctions.

Cool thanks for the info!

[StartingOver08]

Go to this site and look up the correct dispute letters: www.creditinfocenter.com

Yes you have to write the letters yourself the attorney's don't do this unless they are taking a creditor to court for sanctions.

[sguerra923]

Hi guys/gals,

I notice on one of my credit reports from experian that its reporting as "charge-off". I notified my attoney about the situation and he actually doesn't work for the firm anymore and I spoke to his assistant and he told me to write a formal letter to experian stating that it should reports differently as "discharge" or something like that. I was wondering if I need to write the letter or would the attoney provide one for me? From speaking to him it sounded like I need to write one myself.

If not, would there a good template I can use for this letter online for experian to change the "charge-off" to report correctly? Because I want to make sure I have the correct "lingo" for them to change the status. Thanks!

[Carter]

How should it show for Chapt 13 people? For example, my car that was repossed says I owe $17,000 but in the plan I am only liable for owing $1,800. It shows Repo money may be owed by consumer.

Should the correct way say balance owed $1,800 included in chapter 13???

[Cali]

I looked at the actual reports at myfico.com.

[blftx]

Question: I filed bankruptcy a year ago and just looked at my credit report. A couple say chapter 13 bankruptcy. Most say "charged off as bad debt" even tho they are included in my bankruptcy. This includes my credit union. Should it say this,or included in bankruptcy?