Hi everyone. Can anyone please tell me how my accounts should appear on my credit report after bankruptcy discharge? All these accounts were inclueded on the bankruptcy but some of them say derrogatory, is that normal?thanks in advance.
They should read as "account included in BK." The thing you need to look for is the rating. In most cases it will still be rated as "9" and should be either a "7" or unrated. Technically they are still derogatory accounts but hurt your credit much more if they are rated as 9's. You have the ability to dispute the rating of an account which is probably your best bet. Most clients that we help after a BK see BY FAR the largest increases in their credit scores, so if you dispute the items correctly you should see a large increase.
thank you for your fast response. Iam a member of a credit monitoring service and I dont see how to read if the accounts are 7 or 9? Or does it say that?
It may not say that on your consumer report, however if you were to have it pulled for the purpose of a loan the negative ratings would show.
Interesting.....but how do YOU get to see the report if only the loan processing clerk pulls it? Can you ask him/her to run a copy of that report for you, so you can examine it?
If you order the actual reports from each agency instead of the trimerge you use for monitoring, you will find much more information on the reports. So start by ordering the reports from each individual agency. Then, when you see how each is really reporting each account, you can begin to attack the inaccuracies.
Your full report should contain all the information you need. Getting a loan officer to run a report will result in hard inquiries, lowering the score.
It is a credit myth that 1 credit inquiry lowers your scores, numerous inquiries in a short amount of time definitely will. While the consumer reports that you can order for free in most cases do contain much more information, unfortunately they do not (in most cases) contain ratings.
