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    #1

    Credit Report Discrepancies

    Hello,

    Pardon me if I am repeating a question that has already been asked. I have tried to look for similar question(s), but was unsuccessful. 3 years ago I filed Bankruptcy. In the past three years I have worked very hard to rebuild my credit. It had been a year since I requested my own report, and I have recently received and have been reviewing it. It seems that *many* of the entries are either incorrect, or don't have the most recent information. Some of the listings say that the account was closed by the guarantor, or account closed by consumer, account closed due to deliqunecy, and several other stated reasons. Of course, the report does list that I filed Bankruptcy. I did receive my credit score, and it has imroved considerably over the years since I filed. My question is, for those accounts that do not specifically say that I am in bankruptcy, should I update them to reflect the bankruptcy? What I don't want to do, is change them all to bankruptcy, and as a result, have that impact my credit rating. Is it better to leave the account as "closed by guarantor" or is it wise to change it to "in bankruptcy"? I have a signigificant amount of debts, and an equally significant amount have reasons other than being in bankruptcy. I just want to make sure that changing them to reflect the bankruptcy wont hinder more than help.

    I hope I stated the question appropriately and clear enough. Any help would be so very much appreciated. Thank you *very* much.

    jemery
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    #2
    Hi Jemery.

    This is a question that has been asked many times, but we'll help you out!

    What you need to do is pull all three credit bureaus and start disputing things. They should have a $0.00 balanace and say "included in bankruptcy." Don't settle for anything else. Anything that says "charge off" or "profit and loss" do not accept, because it is false. If it is included in bankruptcy, it should say so.

    Another thing to do would be to send Equifax, Experian and TransUnion all copies of your creditor matrix list, and tell them that all of the accounts listed should have a $0.00 balance and be included in bankruptcy.

    Chances are, if they can't find it, it will be removed. That's the law anyway. After three years, there may be a couple that they can't find. In that case, ask the bureaus to verifty the listing EXACTLY as it is stated on your report. If they can't, they have to remove it completely.

    Have a nice day.
    BUSY running my own credit repair services! Sorry I don't stop in so often any more!

    Comment

      #3
      Thank you very much for such a quick and thourough response. I absolutely have several accounts that are listed as 'charged off' and 'profit and loss'.

      A quick followup if you don't mind....

      If the creditor lists the reason as "closed by guarantor" or 'closed by account holder", should I also update those to reflect the bankruptcy?

      By creditor matrix, do you just mean to generate a list of the creditors names and mailing addresses and then requesting verification? Would it be a good idea to dispute the reports that are incorrect as well as sending in the matrix, or should I just send the matrix without disputing them first?

      Again, thank you very much. You have eased my mind tremendously.

      Jemery

      Comment

        #4
        Originally posted by jemery
        Thank you very much for such a quick and thourough response. I absolutely have several accounts that are listed as 'charged off' and 'profit and loss'.

        A quick followup if you don't mind....

        If the creditor lists the reason as "closed by guarantor" or 'closed by account holder", should I also update those to reflect the bankruptcy?

        By creditor matrix, do you just mean to generate a list of the creditors names and mailing addresses and then requesting verification? Would it be a good idea to dispute the reports that are incorrect as well as sending in the matrix, or should I just send the matrix without disputing them first?

        Again, thank you very much. You have eased my mind tremendously.

        Jemery
        Yes, and Yes.

        I would dispute the incorrect ones first, as they may get removed completely, and THEN send in the matrix list.
        BUSY running my own credit repair services! Sorry I don't stop in so often any more!

        Comment

          #5
          Just a small update. Experian updated one of my accounts, per my dispute, from "closed by account holder" to "Included in Bankruptcy". This was the only change made, as a result, my credit score went down 6 points.

          Comment

            #6
            Originally posted by jemery
            Just a small update. Experian updated one of my accounts, per my dispute, from "closed by account holder" to "Included in Bankruptcy". This was the only change made, as a result, my credit score went down 6 points.

            Well duh, "closed by account holder" is a much better entry to have than "included in bankruptcy". Why did you dispute that entry?

            Comment

              #7
              One note to add-they can still report 'charge off' and 'included in bankruptcy' if the charge off had already happened when you filed.

              Regarding the 6 points, were there any other changes? Such as changed balances on accounts, etc? For accounts that are showing balances owed-it will probably help to get those corrected. For other accounts, its hard to say.
              Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

              Comment

                #8
                Originally posted by StaciMM
                One note to add-they can still report 'charge off' and 'included in bankruptcy' if the charge off had already happened when you filed.

                Regarding the 6 points, were there any other changes? Such as changed balances on accounts, etc? For accounts that are showing balances owed-it will probably help to get those corrected. For other accounts, its hard to say.

                Actually Staci, after doing a lot of research, the bankruptcy is supposed to be a clean start, and they are only supposed to show it as included in bankruptcy, and having a zero balance! Hope that helps.
                BUSY running my own credit repair services! Sorry I don't stop in so often any more!

                Comment

                  #9
                  HHM, I thought this was a no-brainer as well. But to make sure, I posted the original question. The feedback I received was that yes, I should change them to included in backruptcy.

                  Staci, no, no additional changes were made on this dispute with Equifax. I submitted a much more lengthy dispute with experian, including more thna one dispute. However, most of them were the same change... from an 'account closed', to a 'include in bankruptcy'. If this first change cause a drop like this, then the condition after updating the others will be far worse than the actual bankruptcy irself.

                  Honestly, i don't know what to do now. If this is any idicator, then I suppose it doesnt matter what I do. *sigh*

                  Comment

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