Come All Ye to the Credit Repair Discussion

FIRST LET ME SAY , THIS SITE IS AWESOME, I CAN’T QUIT READING, NOW FOR MY QUESTION, THAT NO ONE, NO WHERE HAS BEEN ABLE TO ANSWER. ( I MUST SET UP FIRST) I WAS DIVORCED IN 2004 AND WALKED AWAY FROM THE HOME,MY EX REMAINED AND CONTINUED TO MAKE THE PAYMENTS(SOMETIMES LATE),SO I FILED CHAPTER 7 BANKRUPTCY IN 2005,AND DISCHARGED IN 2005 ,I INCLUDED THE  MORTGAGE IN THE BK,BUT LET ME MAKE IT CLEAR THE EX DID NOT FILE BK, THE MORTGAGE ACCOUNT IS REPORTING ON MY CREDIT REPORT AS AN OPEN ACCOUNT WITH A BAL OF 74,000 WITH MANY LATES AND EVEN A “FORECLOSURE WAS STARTED STATMENT ” WITH MOST OF THE LATES AND THE FORECLOSURE STATEMENT OCCURING IN 2007 WITH NO MENTION OF THE BANKRUPTCY ON THIS ACCOUNT.I ALSO HAVE 5 OR 6 OLD TRADELINES WITH ZERO BALANCES FROM BEFORE THE BK AND 3 GOOD TRADELINES AFTER THE BK , MY FICO SCORE NOW IS 588. MY QUESTIONS IS, WOULD MY SCORE GO UP , IF I DISPUTED AND HAD THE MORTGAGE ACCOUNT TO SHOW INCLUDED IN BANKRUPTCY/ DISCHARGED WITH A ZERO BALANCE.I KNOW THAT THE 30% OF MY SCORE DEALS WITH AMOUNT OF DEBT SUCH AS THE 74,000 MORTGAGE, BUT SINCE 35% DEALS WITH PAYMENT HISTORY HOW DOES THAT ,IF ANY FACTOR INTO A MORTGAGE INCLUDED IN THE BANKRUPTCY. WELL I GUESS THAT WAS THREE QUESTIONS. BOY, IF SOMEBODY KNOWS THE CORRECT ANSWER, YOU WOULD BE MY HERO FOREVER, THANKS FROM TN, LINDA

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Hi Linda,

The short version is that fixing the bankruptcy reporting will improve your overall credit profile and should dramatically improve your credit score.  The more difficult task may be in bankruptcy claims and credit reporting.  As a side note, it’s possible that the furnisher is using the older metro1 format instead of metro 2, which has a separate consumer indicator for ‘bankruptcy’ for borrower and co-borrower.  Metro 1 does not – you’re either both in bk or not in the Metro 1 format.

Thanks for the questions and hope this helps.

Paul