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Re-post. HELOC still reporting on CR

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    Re-post. HELOC still reporting on CR

    I originally posted this in a different forum but did not get an answer. I'm reposting here. I hope that's ok.

    I pulled my 3 free CR's and on one my HELOC payments are is still being reported. (Chapter 7, 8-13-10 discharged 11-13-10) I am still living on property 1st 156K, 2nd 22k, property worth 170k. Loans were NOT reaffirmed.

    The loan is showing as included in bk and balance is zero. I'm not making payments on the loan and it is being reported as "unknown" if payment is made for particular months. The payments I made post bk up to when I stopped are being reported as "ok". I thought the reporting stopped after and to the bankruptcy. I want to buy a new home in the next few years and am working on my credit score, which is currently 614, but it had been higher then started dropping, which is why I looked at the reports

    Am I wrong in thinking the reporting should have stopped? If so, do I have recourse?

    #2
    Just dispute the entry with the credit bureaus. If that does not work, send a letter to the lender and inform them that they may be violating the permanent discharge injunction. The "monthly" reporting should have stopped as far as reporting your payment behavior for months after the filing date. General reporting may continue so long as the balance is $0 and it shows that it was included in bankruptcy.

    With your discharge some 3+ years in the past, I'm thinking that it is not the "unknown" reporting that is dragging yoru score. It is either utilization or 30-60-90 days "late" payments which were well within the last 2 years.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      What does "general" reporting mean? I've three credit cards that I pay every month and never had a balance more than $500. Up to when I filed I had no late payments as I filed for medical reasons. So there aren't any late payments.

      I'm confused in that they are reporting my monthly payment behavior. I really thought they couldn't do that.

      Comment


        #4
        The 'OK' reporting isn't hurting you either. 614 is awfully low for being 3+ years past discharge. What else is on your report?

        Utilization is not the size of your balance. A $500 balance is 5% if your credit limit is $10,000, but 50% if your limit is $1000. If you have 3 cards with credit limits of $1000 each, and $500 spread across all 3, that's a utilization of 16-17%. Utilization is a controllable part of your Fico score. Can't say what yours is, without specifics, but unless your cards are maxed, there must be something else going on.

        Comment


          #5
          It is not utilization, at least I don't think so. And I don't use the cards every month so I don't think it's that.

          Transunion is showing several accounts still reporting "unknown" payments to this day for accounts that were included in bankruptcy. The only loan I reaffirmed was a car loan, which has since been paid in full. But that loan stopped being reported back in 2010. So I called them and disputed the accounts still being reported and asked that the reaffirmed loan start reporting. Experian has all my info correct.

          I'll report what happens and thank you for answering my post. It made me look harder for discrepancies.

          Comment

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