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 Posted: Wed Feb 27, 2008 12:06 pm Subject: Status: Charge Off or Bankruptcy |
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Greetings - need input please.
A recent review of my credit report shows a credit card account as a 'charge off/sold to another'.
It is scheduled to drop off 8/09.
The account was actually included in a Chapter 7 filing. Would be better to leave it as it is now or challenge it & have it corrected to be show included in Chp 7 filing? Thanks!
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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| Posted: Wed Feb 27, 2008 12:12 pm Subject: reply |
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two questions.
did you reafirm the debt in the creditors meeting?
did they challenge it in the creditors meeting?
if none of the two happened,they shouln't be able
to attempt to collect on this.
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paulmergel
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Joined: 24 Jun 2007
Posts: 3596
Debtcc Points: 12775
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| Posted: Wed Feb 27, 2008 12:15 pm Subject: |
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Fortunately, no one is trying to collect from me. I'm concerned - I dont know which is best for my credit. Or lack of. Do I leave it as a charge off or have it corrected to Included in Chapter 7?
If it's corrected does it still on my credit for another 7-10 years?
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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| Posted: Wed Feb 27, 2008 12:17 pm Subject: reply |
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ok,since it is included in your bankruptcy.that is what will ultimatly show up on your credit report.
all the dept that was discharged will show
that way.as bankruptcy.
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paulmergel
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Joined: 24 Jun 2007
Posts: 3596
Debtcc Points: 12775
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| Posted: Wed Feb 27, 2008 12:23 pm Subject: |
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It's been 3 years since I filed. Should it take that long for it to update on my credit report? (thanks for your help!)
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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| Posted: Wed Feb 27, 2008 12:26 pm Subject: reply |
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hmmmm,i know bankruptcy can stay on your report for anywhere from 7-10 years.someone should be able to point out if you can remove it before then.
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paulmergel
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Joined: 24 Jun 2007
Posts: 3596
Debtcc Points: 12775
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| Posted: Wed Feb 27, 2008 12:29 pm Subject: |
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I would think that the creditor would have updated it from 'charge off' to 'included in bankruptcy' in 36 months time.
Which is better for my credit/credit score:
Leave it on report as a 'charge off' or
Have it corrected to 'Included in Bankruptcy'?
(Cajun? are you out there?)
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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| Posted: Wed Feb 27, 2008 11:44 pm Subject: |
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Demand that the creditor either update or remove the entry. A charge off is worse than a BK; a BK shows that you at least take care of your debt, while a charge off appears as "consumer sat on duff."
_________________
The only people with whom you should try to get even are those who have helped you.
-John E. Southard
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Morningstar
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| Posted: Thu Feb 28, 2008 6:24 am Subject: |
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Thank you! This issue has been weighing on my mind and I wasn't sure what to do. I will contact the creditor ASAP. If they correct it - will the correct info stay on there for another 7 years? Or will it still 'fall off' in 2009?
I'm hoping they just remove it - but who knows.
If they do not fix this - is it a violation? And do I have any legal recourse?
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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| Posted: Thu Feb 28, 2008 7:38 am Subject: reply |
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you should,if this was included in your bankruptcy.
it should be reported as such.they are wrong for reporting it like they did.
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paulmergel
Moderator
Joined: 24 Jun 2007
Posts: 3596
Debtcc Points: 12775
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