Discharged months ago- Bank just now files credit information

[LAA17]

We filed chapter 7 business/personal bankruptcy in January of this year. It was discharged in February. After the discharge my husband and I began taking steps to repair our credit, which was going along fine until today.

We were applying with a mortage company for funds to purchase a small home, but when our credit reports were pulled they had dropped down almost to the bottom. It appears that the bank holding our home and business loans had reported us over 120 days late on all of our loans that had gone through the bankruptcy. They filed this report only a couple of weeks ago. We had not re-affirmed the home or business, but as an act of good faith, we were just in the process of signing legal papers to try and help sell both properties over a three month period. We had also signed a Deed in Lieu of Forclosure for each property in the event the properties did not sell during that time.

I'm really confused and waaaay irritated. Does anyone know what or if there are time limits for reporting credit information? It really baffles me how we could be 120 days late on something that was discharged in bankruptcy almost 5 months ago.

Thanks for any info!

[Stilltheone]

We filed chapter 7 business/personal bankruptcy in January of this year. It was discharged in February. After the discharge my husband and I began taking steps to repair our credit, which was going along fine until today.

We were applying with a mortage company for funds to purchase a small home, but when our credit reports were pulled they had dropped down almost to the bottom. It appears that the bank holding our home and business loans had reported us over 120 days late on all of our loans that had gone through the bankruptcy. They filed this report only a couple of weeks ago. We had not re-affirmed the home or business, but as an act of good faith, we were just in the process of signing legal papers to try and help sell both properties over a three month period. We had also signed a Deed in Lieu of Forclosure for each property in the event the properties did not sell during that time.

I'm really confused and waaaay irritated. Does anyone know what or if there are time limits for reporting credit information? It really baffles me how we could be 120 days late on something that was discharged in bankruptcy almost 5 months ago.

Thanks for any info!

It baffles me how you could file for bankruptcy in January and be discharged one month later. The normal process takes 3-4 months, easily.

Did you bother to look at your credit reports post discharge to make sure everything was reported correctly? I would definitely dispute the info.

Also, how are you buying a house so soon after discharge? Normal waiting period is 2 years to buy a home.

[LAA17]

Yep, you are right. I stated our discharge date incorrectly. It should've said April.

As for purchasing a home, we have found a mortgage company that is willing to work with us. A series of unplanned business events is what led to our financial woes, but until that time we had over 25 years operating a successful business and had always maintained a high credit score. We are counting our blessings to have found someone that is willing to help us with our recovery. However, in the event we cannot swing our loan now, we have found a couple of homes that we can get a lease to own option on. Of course, we will not be entering in to that without the advice of our attorney and accountant.

I did bother to look at our credit scores post discharge and all appeared to be correct.

Thank you for the reply.

[Priapism]

The poster's original question was not answered. If someone knows, please chime in. Is there a limitation on the time they have to report? I filed in September 2007 and my debts were discharged end of October 2007. Debtors have continued to "report" at their leisure right on through to July 2008, nearly 9 months later.

Given that there is so much written about how long a BK stays on your credit, it utterly baffles and uspets me that creditors can just report at their liesure like this.

We also have someone who reported "120+ Days Past Due" as their report, rather than "Included in BK" just like the poster mentioned above. Is this disputable? Can we dispute the dates of the reports and request that they all match our discharge date? I basically filed almost a year ago, and still am at square 1 as far as "starting over" to rebuild my credit!

[LAA17]

I will be talking to some folks next week that might be able to shed some light on this. Will post my findings.

Thank you!

[needingsomehelp]

If the debt was included in your bankrupcty, then your credit report should state Included In Bankruptcy, Chapter 7 bankrtuptcy etc. They should NOT still be reporting it late, and if they are you need to dispute it with the credit bureaus. You may also need to send the credit bureaus a copy of your discharge papers.
From what I understand, if you were late prior to filing bk, then those lates can stay on there, but anything after your filing date, needs to reflect the bankrupcty, and you should not have any lates after.

Hope that helps!!!

[Priapism]

If the debt was included in your bankrupcty, then your credit report should state Included In Bankruptcy, Chapter 7 bankrtuptcy etc. They should NOT still be reporting it late

You seem to have misunderstood. That isn't what we were asking.

The original poster (and I) both said that they reported the closed account (included in BK), several months after the filing and discharge.

Not that they were still reporting late payments.

those lates can stay on there, but anything after your filing date, needs to reflect the bankrupcty, and you should not have any lates after.

We weren't discussing late payments. Wasn't mentioned in either of our posts.

[needingsomehelp]

We filed chapter 7 business/personal bankruptcy in January of this year. It was discharged in February. After the discharge my husband and I began taking steps to repair our credit, which was going along fine until today.

We were applying with a mortage company for funds to purchase a small home, but when our credit reports were pulled they had dropped down almost to the bottom. It appears that the bank holding our home and business loans had reported us over 120 days late on all of our loans that had gone through the bankruptcy. They filed this report only a couple of weeks ago. We had not re-affirmed the home or business, but as an act of good faith, we were just in the process of signing legal papers to try and help sell both properties over a three month period. We had also signed a Deed in Lieu of Forclosure for each property in the event the properties did not sell during that time.

I'm really confused and waaaay irritated. Does anyone know what or if there are time limits for reporting credit information? It really baffles me how we could be 120 days late on something that was discharged in bankruptcy almost 5 months ago.
Thanks for any info!

As I said in my previous post, they can not mark you late if the debt was included in bankruptcy. As for the amount of time that they have to report the credit, I believe that they can update at any time, however, they should not have marked the lates on the credit report.

If you do not agree and you feel that what was reported on your credit report is wrong, then you need to dispute it.

[LAA17]

The lastest reported credit information makes no mention of the Chapter 7 like it should have. Looks like I have some work to do getting this cleaned up.

Thanks for your input!

[needingsomehelp]

Good luck with your disputes!!!