Credit Repair - Charge offs

[pa308]

I just recently filed 7 and see on my FICO (experian) that there are several accounts indicating charge off with balances. I know that they should go to IIB once bk is discharged (eta 9/25/08) but I dont think that it should currently show CO and then show a balance and minimum payment. Should I dispute them now, knowing that I may need to dispute in September if they dont correctly show them IIB? Do I give up any right to dispute later by disputing the balance on CO accounts now?

[Flamingo]

There is no reason for you dispute any acounts on your CRAs while still in active BK unless you suspect fraud. Wait a few months after your discharge cause you may just waste your time disputing items now that may change again after your discharge information is received. Wait for your discharge information to go through (at least two months after discharge) then start to clean up.

Also,if an item was charged off prior to you filing BK, that chargeoff will not be removed.

[pa308]

[QUOTE=Flamingo;169644
Also,if an item was charged off prior to you filing BK, that chargeoff will not be removed.[/QUOTE]
Thanks Flamingo.

How do I know what the date fo the chargeoff was?

And if the charge off is before bk, shouldnt it show a balance of 0 and nom minimum payment due??

[Flamingo]

Thanks Flamingo.

How do I know what the date fo the chargeoff was?

And if the charge off is before bk, shouldnt it show a balance of 0 and nom minimum payment due??

If you were late for several months on any bill prior to filing BK, that account could have been charged off by your creditor. Your creditor on that account can advise you of the exact date. If it occurred prior to you filing BK you cannot get that information off your credit report since it occurred prior to the date of filling. If the creditor charged off your account after your date of filing but it just does not yet appear as being included in your BK yet and still shows as a charge off, that can be disputed and corrected to indicate as being in BK. While filing BK can do many things to help one's ability to get out of debt it cannot change previous bad credit prior to filing.

[pa308]

I guess my question still remains if it is a charge off shouldnt the balance and past due amount be zeroes??

[Flamingo]

What will happen if there is a charge off of an account taking place prior to filing bankruptcy, the information can be listed as such (and will also show late payments) and what the creditor may do is indicate that it was included in Bankruptcy on such and such a date (showing the BK took place after the late payments and/or charge off). Just because you file BK on that account that has already been charged off doesn't mean it is going to clean that information up on your credit reports - it's because it happened prior to you filing.

If the charge off was listed on your reports after you filed bankruptcy, then your dispute will clean up that information and it should be listed as being included in BK filing (Chapter 7 or 13). Late payments after your date of filing should be removed.