Capepuffin Posted July 8, 2003 Report Share Posted July 8, 2003 I have an account that should be included in BK, but it isn't. It says charged off/ 180 past due. I have disputed this as not mine & never been late. It keeps coming back verified. It is due to drop off next year in 04. Should I just wait it out or should I let them know that it should be included in BK? I didn't want to dispute it that way originally in hopes that it would be deleted. It was deleted from EQ. I felt as though I would be admitting to the BK which I have been disputing. To date I have not admitted anything to the BK. So I dispute other TL's.What do you suggest? Link to comment Share on other sites More sharing options...
kb9tbq Posted July 8, 2003 Report Share Posted July 8, 2003 Really depends Karen; if you are wanting to apply for any major loans before the expiration of this tradeline later on, but on the other hand if you look at trying to get loans for over $150,000 this may come back to bite you later down the road. Cause some lenders will access these special reports that don't have limits on what can be pulled back into the credit reports. Really depends on what you want short term or long term on this. Link to comment Share on other sites More sharing options...
Capepuffin Posted July 8, 2003 Author Report Share Posted July 8, 2003 Thanks kb9! What would the difference be between the charge off and the included in BK? How would it affect my score? If it is reported as included in BK will it still fall off next year or would the BK from 99 change that date?DH and I will possibly be moving in the next year. We will have a lot to put down on a new house but will want to finance some, maybe $100k. My discharged BK is from 99' and was due to illness and disability. I don't work anymore I am disabled. Do you think that a mortgage co would take that into consideration? My last mortgage co told me that as long as it has been 2 years since the discharge that was fine. Link to comment Share on other sites More sharing options...
kb9tbq Posted July 8, 2003 Report Share Posted July 8, 2003 Yes, they are right, that having been discharged and 2 years removed they can get loans for anyone, But right now, the reporting is not correct - showing a balance. Properly I should reflect zero balance. Lenders do get touchy saying you are approved, but with requirement to have the account paid & letter of explaination (they failed to mention this to you). I know cause my DH had collection 6 years old, with balance (and they said approved but pay the account). So in this case one of 2 things could happen, if your scores are not all that high, they may require the CRAs to be updated; to they don't hold this outstanding amount against you in the matter. Thinking it needs to be paid, when it is in fact zero balance having been discharged in bk.Sometimes, you can show them the bk papers proving the matter that it was paid, and they will accept this, with you telling them, that you have been having trouble getting the CRAs to update properly, they might just except that excuse leaving you to try and bump on your own some more.Now on them special reports, they are not suppose to grade the past info against you, but that goes without saying that they should see an unresolved charge off and not know the fact of the matter that it was included in bk. If they don't see the public record there any more. Just really hard to say how they will proceed on these things.If you deal with it to show zero balance included in bk, that will put the matter to rest should anyone pull one of these special reports - they can see that it was handled one way or another.You just have to speak to the loan officer and get a feel for what angles they might take in this matter, show them copy of your credit report ahead of time, before letting them pull. And if you are honest; this will help you actually in the long run regardless of what they see.If you try & lie, saying you never filed bk, after having it deleted, or expired, they may get one of these reports and know the fact of the matter, and irritate them for the effort.I think you can be truthful as much as you want to be, but they will look at your immediate scores only for determining your interest rate, they approve by other means - ok. Like your debt to income ratio and such. Think you ask Charles on this and he will agree, that they are more understanding then people think, they can help you more when all the cards are on the table. Link to comment Share on other sites More sharing options...
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