American Nat'l Bank Wrong or am I?

[BKer]

Hi,

I included a car loan by American National Bank in my Chapter 7 Bankruptcy that was discharged/cased closed in October 2005. In January 2006, I gave the car bank to American National Bank in which they arranged for someone to pick up.

Last Friday I pulled my credit reports from the 3 bureaus and the car loan was listed as a "Charge Off/Bad Debt" in the amount of $5000. I thought it should be listed on my credit reports as Included in Bankruptcy, $0 balance. When I called the bank, they told me that I was wrong because it was indeed a "bad debt and a charge off from them."

I did not reaffirm the car loan.

Is American National Bank wrong or am I? Should I dispute this on my credit reports? They reported it this way to all 3 bureaus.

Thanks! Jason

[aa06a47]

Disbute it, what do you have to lose?

[edwards2]

I definitely would dispute it...sure can't hurt. Just so you know though I disputed several accounts on my credit report and the creditor will not budge...they still report it as being charged off and included in BK. One in particular sold my account the month before we filed so they are within "their rights" to report that way. It does say included in Bk in the notes however. I have disputed with the credit reporting agencies AND the creditor several times...to no avail. Yours however doesnt sound right because you turned the car in....

[SinkingFast]

First thing,.......... Check your BK paperwork. Look for that loan. Be sure it was indeed included in your debts to be discharged.

If you can't find it or aren't sure, call your attny. Get them to tell you for sure. You want to know your ground before you go further.

If, you are indeed correct that the loan was included in your BK and the debt discharged,........ You already know the Lender isn't gonna change their reporting, so dispute it with all 3 CRA's.

The CRA's will open an investigation making the Creditor report accurately.

[SinkingFast]

I'm not sure exactly what's supposed to be reported, Wenderful.

I'm not any where near that side yet.

I have seen the term IIB used in relation to post BK reporting on the CRA's in other posts.

Maybe Minny or Staci, or someone more knowledgeable will post what we should expect to see after BK in our Credit Reports.

[Minnymouth]

On some of my credit reports it says "charged off" and then right underneath it it states IIB "included in bankruptcy".

I'm not very concerned with the chargeoff on there because it states "included in bankruptcy" or "included in Chapter 7"...

Now if it just said "charge off" - YES, they would be changing it...

Just make sure that the Included in Bankruptcy - Included in Chapter 7 or 13 is on there and that there is a "$00 balance showing in the balance due.

Of creditors that are included in your bankruptcy absolutely refuse to report correctly, file a complaint with the credit bureau and have their account removed from you records until they report correctly.

[Minnymouth]

Wenderful,

Since you are not "discharged" yet, your creditors can still safely report any way they want too.............. your bankruptcy is still in process.

After discharge - raise hell with them!!!!

[BKer]

Just wanted to give you an update. I sent the following below to American National Bank and they already reported to all 3 credit bureaus as IIB and zero balance.

====
The purpose of this letter is to formally request that American National Bank immediately correct it’s reporting to TransUnion, Experian, and Equifax regarding automobile loan number XXXXX. This automobile loan was included Chapter 7 bankruptcy that was discharged October 14, 2005.

American National Bank violated the Fair Credit Reporting Act (FCRA) by reporting to the three credit bureaus a balance of $4,492, listing the debt as a charge off, and commenting the debt as "bad debt" to all three credit bureaus

American National Bank should have reported this automobile loan as "Included in Bankruptcy" and listing the account as "Zero Balance". Anything else, including listing the account as a "charge off", is in violation of the FCRA and is subject to monetary penalties.

Commentary to the Fair Credit Reporting Act makes clear that debt included in bankruptcy must be listed as zero (0) balance. Federal Trade Commission OSC section 607, item 6 states: "A consumer report may include an account that was discharged in bankruptcy (as well as the bankruptcy itself), as along as it reports a zero balance due to reflect the fact that the consumer is no longer liable for the discharged debt."

[Minnymouth]

YOU DONE GREAT..............

GOT THEIR ATTENTION - HUH!!!!!!

Get them by the ????'s and twist, LOL.............

[SinkingFast]

Yeah!!

Score one for the Little Guys!!

WTG!! BKer!!