Credit Report (Chapter 13)

[justbaby]

I filed Ch 13 in 2010. And I must say its the best thing that's happened to me. I just checked my credit reports after all of that time and had a couple questions. What happens to the accounts/creditors that didn't file a proof of claim with the attorney? Is there something I need to send to them? My fear is, even after the bankruptcy, I'd show owing them and they cause negative reporting on my reports. Any help appreciated!

Thanks,

[frogger]

Provided that the creditors were listed on the petition (you can check PACER for index/mailing matrix), then they will be discharged whether they file a claim or not.

You really don't need to worry about your credit report until about 6 months after discharge. No problems here.....

[justbaby]

Provided that the creditors were listed on the petition (you can check PACER for index/mailing matrix), then they will be discharged whether they file a claim or not.

You really don't need to worry about your credit report until about 6 months after discharge. No problems here.....

So apparently its not true that your credit score rises as time progresses in chapter 13?

[katztoo]

I had some like that and notified the credit bureau that they were included in our 13 and after 30 days they took them off our report. My guess is that the creditor didn't answer their request so it had to be removed.

[frogger]

So apparently its not true that your credit score rises as time progresses in chapter 13?

IMO, what is true is that your credit score does not matter while you are under bankruptcy. After all, you're under bankruptcy, you're in a chapter 13, you don't need any credit. This is a time in which you should not be incurring new debt and getting your financial house in order.

[Flamingo]

Your credit score will slowly increase while you are in Chapter 13 provided you make all your Plan payments on time and any other bill payments (i.e., phone, utilities, etc.). Do not be late with anything at all. In fact, pay any bill as far in advance as possible but pay on time and in full.

As to the creditors not filing a proof of claim. All you have to do is send in a copy of your creditor listing from the BK court to the three credit reporting agencies showing they were included in the filing and did not file a claim - they will take it from there. During your 13 do not worry too much about what is on your credit report - unless you have some specific reason such as a vehicle or other major purchase. The best thing to do is to let things ride for a while, get discharged, wait about 6 weeks or so after discharge, get all your reports and go from there. By that time most, if not all, creditors will be reporting correctly. 7 years after your filing date, the CRAs will remove your BK from your records. Wait a few months after that date and get all your reports again. Most, if not all, BK info will be removed, including the court information.

[knitty]

Do all trustees report to all the credit bureaus?

[frogger]

Do all trustees report to all the credit bureaus?

I don't know of any trustees that report to the credit bureaus.

[Flamingo]

Do all trustees report to all the credit bureaus?

Trustees do not report to the credit bureaus - the reason I mention in my posting above to ensure you make all your Plan payments on time is that if one may want to look into refinancing or getting a mortgage, that is a factor that is taken into consideration and may be a requirement. In fact, for the best possible outcome out of a Chapter 13, never be late with any payment again for any bill if at all possible.

[freeme0215]

My credit report has been slowly going up...I found two enteries, one from a creditor that was on my list of creditors and my credit score went down significantly...I disputed the claims and they were taken off report and credit score rebounded. I watch the report, not for ability to apply for credit, but to make sure no one is making an inquiry or placing mis information.

[catleg]

I'm about midway through a 5 year plan, and our credit (mine and wifey's) is still poor, according to credit karma.
Not sure if it's the old baddies still showing up, or the lack of any recent credit history.
It's almost like you go into witness protection LOL.

[Flamingo]

I'm about midway through a 5 year plan, and our credit (mine and wifey's) is still poor, according to credit karma.
Not sure if it's the old baddies still showing up, or the lack of any recent credit history.
It's almost like you go into witness protection LOL.

What will happen when your Bk is removed 7 years after your filing date from your credit report is that you will find yourself with very little credit history - all and any past good credit will probably be gone and all your Bk accounts will be removed. Remaining will be anything you were able to open credit-wise since your filing. You can even be denied credit for having a lack of credit history. It happened to us and it took about another year to build up a decent history of payments on accounts opened after discharge (we were discharged end of August 2006 and the BK was removed April 2009). My credit score at the end of 2011 was 836 at the time of a new vehicle purchase.

It takes time to fully recover after a BK - nothing happens overnight. Just be prudent and careful with your credit and rebuild as best as possible.