Hello, We are over 1 year out of BK. I noticed my report is reporting some BK accounts as open with a zero balance but reporting the statis as included in bankruptcy. I hesitate to update to "closed"because I may have an advantage when it comes to length of credit history for scoring purposes but conventional wisdom says that all BK accounts should be reflect as closed. What do you think? BTW The length of most are less than five years. Thanks Diane
Diane, Thanks for posting this question. We are coming up on 1yr post-discharge and our reports are all over the place. I have one showing open, only 30 days late but having a HUGE balance due. I have others that are exactly as you described and still others that are reporting past due for months long after d/c. Good luck to you!
I have heard the discharged accounts can remain for 7 years and noted as "discharged". I do know people who sent a copy of their BK papers to the CRA's and requested the old accounts be removed, and were succesful. however this was in 1999-2000 The reporting laws may have changed, but you can still try it if you want them deleted.
Your scores look pretty good. Make sure that all balances are at zero and you will see your scores go even higher. Also, dispute ALL accounts that are reporting late payments after the PETITION date. I know some may disagree with me but I did send a copy of my discharge papers and some info from my schedules to prove the accounts were IIB. I don't think removing the BK is worth my time or energy when recovery can come quick enough while it is still on there. Our scores are still in the low 600's but improving. We are planning to buy a home next summer FHA. I hope someone can answer my initial question.
Diane, Thanks for the advice about the petition date. I'll have to recheck the reports and make sure none of that is on there but if so, I'll send letters out. Good luck with your home purchase quest. We're on the same quest ourselves - soon I hope.
