Feb
2
I have a question about fair credit reporting?
Filed Under Credit
Mandy asked:
Is it fair or legal for a company to state on a consumer credit report, that an account which was 30 days past due, is all of a sudden in “collections” just because one may have filed for bankruptcy and included that account in it?
ANDERSON
Is it fair or legal for a company to state on a consumer credit report, that an account which was 30 days past due, is all of a sudden in “collections” just because one may have filed for bankruptcy and included that account in it?
ANDERSON
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6 Responses to “I have a question about fair credit reporting?”
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Uh yeah. If the payment is 30 days past due, then you had plenty time to pay it. A company has every right to take it to collections to ensure that you pay them what you owe. The fact that you have had a bankruptcy doesn’t help either, it looks terrible on your credit. The lesson: don’t borrow money you cant pay back.
If you have filed for bankruptcy, your credit rating is the least of your problems.
yes. When a person declares bankruptcy, for the protection of businesses, they need to be notified because you are considered a risk.
No…I have filed bankruptcy and I am working with the credit report people to reflect the correct info. You have to call that account to reflect that you have filed bankruptcy & tell them to show that on their end with the credit report companies. Then you need to contact the credit report companies (all 3 of them) & tell them to reflect that info. I know it saids exhausting. I have been battling it too. Good luck!
Actually, save yourself a step. Write dispute letters to the credit bureaus stating that account is included in bankruptcy.
FYI: Accounts included in bankruptcy will keep popping up as collections on your report, even after corrections have been made. Make lots of copies of your B9A form
“Notice of Chapter 7 Bankruptcy Case, Meeting of Creditors and Deadlines”. Rifle them off to accounts that keep showing up as collections, that will shut them up.
What happens is, even after Bankruptcy, collection accounts get sold or transferred to other companies who are not aware of the Bankruptcy. It takes awhile to shut them all up.
Purchase the book, “Guaranteed Credit” by Arnold S. Goldstein. It has all the form letters needed to shake them up.
Your comparing apple to oranges, by asking if it is fair or legal. You cannot compare ones rules you accepted when applying and being approved (legal), to (fair) the circumstances under which you have defaulted on the agreement you entered into. Let me ask you to step into another person shoes. Our inerest rates in this country factor the unpaid “charge offs” of other people. Bankruptcy does not pay back the money, the loss in passed along to every person in the interest rates we pay. Let me repeat….WE PAY, you get a strike on your credit. I dont think its fair, and it should be illegal to let you discharge any debt without fully undrestanding who is going to pay since you didnt.
I wish, I could be a little more supportive. You seem to believe a bankruptcy wiped your problems away. If you do 1 thing from this day forward, have your BK discharge papers handy till you die. You will find as many times as you have the CBC correct the accounts on your credit report it only takes a matter of time before it pops back on and drags your score down. A client of mine 7 years after a paid tax lein I removed 3 times, just had it pop back up while buying her kids a house. Because of it her rate is 8.99% on the home loan. In a few months we will go back and redo everything, and lower that rate. Until then its costing her $500 more a month.