Credit Report

[Sham11801]

Can anyone elaborate from experience how your credit report looks in terms of balances and creditors owed during the chapter 13 plan repayment period? Im assuming it wont show zero balances until the payments have been made completely but in detail does anyone know if they're coded a specific way instead of 30 day late, 60 day late, charged off, etc? Sorry if this was already discussed previously, i could not find anything.

[magyar123]

Don't think Chapter 13 plan payments ever make it on credit reports. You are not paying any creditors but the trustee/court.

[rrockinggramma]

My accounts on Equifax show a balance, with the notation "derogatory" wage earner plan.

Transunion deleted all balances but again noted "derogatory" wage earner plan.

Experian just deleted everything for me the other day. My student loans are gone and so are all of the accounts I included in my bk.

However my debts went back to 2001 even though I didn't file until 2005 so that may be a factor in the Experian deletes.

[Flamingo]

It's best to wait about a year or so after you file to pull your credit reports (all 3). At that time they will probably be a mess but any creditors included in your filing should be reporting "Included in Bankruptcy Filing" or "Included in wage earner Plan" or something similar. Chargeoffs or late payments should not be listed, unless either of those occurred before your filing date. The balance should be zero. You will find that probably none of your creditors, or maybe a few, will have your accounts listed as such. You will need to dispute. You may want to pull your reports each year during your Plan to check on them and then again several months after your discharge to really clean things up that may be reverted back to old information, is incorrect, etc.

There have been numerous postings on here on credit clean up after either a Chapter 7 or 13.