should i even bother

Discussion in 'Credit Talk' started by nj_newbie, Jul 16, 2001.

  1. nj_newbie

    nj_newbie Well-Known Member


    I am wondering if I should even continue bothering disputing items on my credit report that states "included in bk". They just keep coming back verified.

    I guess what I am looking for is some direction and guidance on what to do next.

    These accounts are listed on my reports as unrated or they don't have a status. Anyway...maybe I am just a little bummed that things are coming back verified lately.

  2. DaveLV

    DaveLV Well-Known Member

    If you do nothing, the items all stay.

    If you dispute, they may be deleted.

    Why not dispute?
  3. nj_newbie

    nj_newbie Well-Known Member

    Do you suggest I send validation letters to creditors who were listed on my bk?

    I haven't tried the validation letter route yet, It seemed futile since I claimed them on my bk7.

    any ideas?
  4. DaveLV

    DaveLV Well-Known Member

    I don't have any experience dealing with a bankruptcy, so I am probably not the right person to ask.

    Having said this, I don't know that a "validation" letter per se is the way to go. How long ago was your bk? You might start writing sweet letters to the people in charge asking them if they'd consider deleting on their own.
  5. PuuOoPaul

    PuuOoPaul Well-Known Member


    I can offer you a little insight into the creditors world. Don't give up hope. Sometimes businesses with older software (and hardware) will purge accounts that can't be collected. Once accounts get purged they get harder to trace. Sometimes they get transferred to many locations and finally put in a storage and forgotten about.

    I work for a(n) (undisclosed) creditor and have dealt with charge-offs and bankruptcies. We have acquired other institutions and have been acquired ourselves. You cannot believe what gets lost in all the chaos. Many businesses look at the bk's and c/o's as a loss and so therefore give them last priority. Keep your eyes open to the news of what is happening to your old creditor. If they have been bought dispute your accounts close to the date the new company plans to finalize the merge. Banks and finance companies scramble during the merge focusing largely on lending and less on non-producing accounts. If they can't find it during the chaos they may just assume your dispute is legit.

    Also, you may of included your accounts in bankruptcy, however as the bk's age the specifics may be harder to come by. The bankruptcy court reports your bankruptcy to the cra's but they themselves do not report which creditors were included. Many times courts may only have this available on microfiche and for a fee in some distant land that may take weeks to research. If your credit account falls off or disappears from your cb don't worry too much about a new lender digging it up at the courthouse.

    Another thing you may want to consider if the creditor is unwilling to delete the entry is to have them zero out the balance. I am amazed at how commonplace this is amongst creditors! Many do it automatically when they enter it into bk status. This may be beneficial if you included high balances in your bk. The new creditor may be more reluctant to extend credit to someone who included $27k in bk, compared to someone who has a zero balance. Furthermore I have seen mortgage companies payoff or require the debtor to pay the bk balance on accounts b4 a mortgage is closed. Just because it was showing on the cr!

    Once you get them to zero out the account go back a year later and ask the creditor why they are reporting your account as a bk account if the balance is zero. Tell them you were true to them and paid them every dime. Dispute the "included in bk" status. Go as far as asking them to put "paid as agreed". I have seen many times decisions being made just by a manager looking at how the account was last reported on the cb. It's easier to dial up experian than to travel 10 miles to a dusty storage container to find your file!

    One final note. Once you do payoff or settle an account keep the receipt! Better yet, request the original agreement stamped paid and save it indefinitely. Don't assume that because time has passed and the account is reported correctly on your cb that you don't need the receipt. The person or company that you settled with may or may not keep good notes. Sometimes they don't even keep notes. When a new collector comes along or a new owner they usually have very little to go on and will pursue you for monies that were already agreed you would not have to pay.

    I hope that sheds a little more hope for you. I know how hard it is to clean up ones own credit. I'm having difficulty myself. You may keep getting shot down but one day you will be at the right place at the right time. Imagine your dispute landing in someone's in tray at 4:30 Friday afternoon b4 a three-day weekend. Imagine that person just wanting to tidy up her desk for the week. Imagine her saying "I did my good deed for the week".

    Best of luck,

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