Ch7 and Auto Repossession and credit reports

[rlove7]

What is the name of your state? MI

What is the name of your state? MI
I have a question with regards to an auto repossession. Prior to me filling for ch 7 my car was repossessed. I was able to get it back but, I did file ch 7 a few months later and I continued the payments as usual. My attorney informed me that I could keep the car if I agreed to make the payments or I would have to surrender it within a 90 day time frame. If I agreed to keep the car I would have to make the payments as usual. Since the car was never surrendered I want to know if my payments that I am making on it will appear on my credit report. I recently pulled my report and there is no payment history it only states the account is closed. I am in the process of buying a home because my discharge will be a year old next month and I was not sure if I could use the car payment as a trade line for the lender. Please get back to me.

 

[JETX]

"I recently pulled my report and there is no payment history it only states the account is closed."
*** There is no statutory requirement for a specific creditor to ever report your credit history to any CRA (Credit Reporting Agency)..... much less the one that you are reviewing.
The only requirement is that whatever is reported, be accurate.

 

[rlove7]

So in this situation since the account is viewed as closed the lender cannot help or hurt me. Is that what you are saying?

 

[JETX]

"So in this situation since the account is viewed as closed the lender cannot help or hurt me. Is that what you are saying?"
*** Nope. What I am saying is just what was said.... there is NO obligation for a creditor to ever show your history. Only that whatever is shown, must be accurate.

 

[jlc614]

I work for a mortgage lender and when we look at credit reports we are looking for accounts that are past due, judgements, in collections or open(open accounts because they can effect your debt to income ratio). If the account only shows as closed it shouldn't be an issue. Let me ask you...Did you pull all three credit bureaus or just one? Most creditors will pull a trimerged report. Also do you already have a creditor that you are working with and has given you their guidelines because most require 2 years from original filing date on BK.

 

[rlove7]

I recently pulled a tri merge and all it showed was the Ch7which is a good thing. I managed to find a few lenders that will do the deal with my current situation however, the new challenge that I am facing is after viewing my tri merge I still find one of the creditors still listed. On the matrix the company was listed as one of the items that I wanted discharged. How can I prove to the lender that this was included in the chp 7 if it shows up on my credit report as a charge off.

 

[jlc614]

If it was my file I would request a copy of the BK matrix and the discharge notification.Does the name and account match the credit report? You may also want to send a copy of the matrix and discharge to the credit bureaus. I have done that on a couple of occasions with a borrowers permission to clean up items they had. You can also contact the creditor and notify them to update the reports. Does the credit report show the last date this account was actually reported?

 

[rlove7]

Yes I am looking at it right now, and I see the creditor listed on the Martix. The creditor only has an address is there a special form letter that I need to send.

 

[jlc614]

I would file a dispute with credit bureau based on the item being included in BK and let them deal with the creditor. The creditor must respond in 30 days or it must be deleted from the report.

 

[rlove7]

Thank You very much, also let me know if you do business in MI, I am an appraiser so let me know if you could use our services.

Rodney Metro Appraisal Services
24619 Ford Rd suite 2
Dearborn MI, 48126
Voicemail 586-830-3209