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I Filed Bankruptcy. What Should My Credit Report Look Like?

Written by Steve Rhode

“Dear Steve,

I filed chapter 7 bankruptcy in October 2009 and the disposition date was March 2010. I am currently reviewing my credit report, as a means of disputing any inaccuracies found on the report.

Issue 1: On credit report A under public record it states that I have a $0 claim amount and a $0 liability amount.

On report B which also outlines the bankruptcy in public record states only 7 digits of my case number and leave off the remaining 2. Also it has a different filing date for the bankruptcy from what I have on the original bankruptcy record.

On credit report C there under public record there is a paid judgment for the sum of $5000 which was also included in the bankruptcy. However, in the bankruptcy summary the amount due on that account was $5,377.00.

Issue 2: Certain items are still being reported with a high balance and some of the balances shown on the credit report are different from what was shown in the bankruptcy summary that I received from my lawyer. Eg. Account A was reported as delinquent on 10
/2009 and was included in the bankruptcy file 10/2009. A high balance of $2,099.00 is shown on the credit report. However, in the bankruptcy summary filed on 11/2009, account A has a balance of $2,239.92.

Issue 3: There are a few accounts on my credit report that were included in the bankruptcy, still being updated in 2014.

Issue 4: From the information gathered through my readings it had came to my attention that an item included in bankruptcy cannot be reported as current. However, an item included in the bankruptcy in 2010 was being reported as current up until 05/2014 and it clearly outlines the balance and the amount being paid monthly.

Issue 5: Some accounts are reported as closed weeks after the bankruptcy was filed.

1) Can there be a bankruptcy when there is no claim or liability, and can a case number be reported partially on the credit report?

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As it relates to the date that the bankruptcy was filed and the date that the bankruptcy summary was filed, which is more important in disputing inaccuracies on my credit report?
Could it be a mistake on the behalf of the credit bureau to report an incorrect amount for a paid judgment or the court could have awarded the sum reported by the credit bureau to be paid, as opposed to what was included in the bankruptcy summary?

2) Should an item be reported with a high balance after bankruptcy was filed, and is it possible for there to be a different balance stated on the credit report as against what was shown in the bankruptcy documents.

3) Can items that were included in the bankruptcy in 2010 be updated in 2014?

4) What actions can be taken against a creditor who is still reporting a item discharged in bankruptcy as current and showed the amount owed on the account?

5) When does the creditors stop reporting to the credit bureaus after bankruptcy has been filed and when would the creditors close an account when bankruptcy is filed? Is it that the creditor close the account on the day the bankruptcy is filed or on the date they received the notice of the bankruptcy from the court?

Shakira”

Dear Shakira,

It is not uncommon for a credit reporting entity to be sloppy with how a bankruptcy is reported. This is especially true of accounts that are in collections at the time of bankruptcy.

The accounts included should be reflected as “included in bankruptcy,” show no balance due, and not show any more current reporting after the date of your final discharge. However a month or so latitude seems inconsequential.

As far as your bankruptcy case number goes, that’s a matter of public record anyway so I don’t see a big deal with that.

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As far as some balances being a bit off or accounts not closed on X date, that seems like a non-issue to me.

The bigger issue is making sure the accounts are correctly identified as being included in bankruptcy and a zero dollar balance.

It sounds like you are doing the right things and reviewing your credit report and disputing items not reported correctly.

However the biggest mistake I see making after bankruptcy is not the small minutia of an incorrect balance but avoiding getting back in the credit game to rebuild their credit. I think this article, How to Easily Rebuild and Repair Your Credit After Bankruptcy, Foreclosure, or Repossession is exactly what you are looking for.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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