HankBlank,
What I described in my ebook was that even though the individual declared bankruptcy, through a bankruptcy trustee, the creditors were still reporting the debt as owing, and because it wasn't being paid because of the bankruptcy, it was going deeper and deeper into default... thus lowering the credit score...

The items were still showing as owing to the creditor, and past due was going from 90 days to 120 days... etc ....

It wasn't exactly about how long bankruptcies are reported on your credit report.

So basically the government is trying to enforce better laws but transunion has everything on hold

Thanks for the last post. So from what i gathered reading on that forum, the creditors have no legal right to to be reporting new lates because the bankruptcy firm took full control of the account? That relieved them of there reporting activities? Guess im just trying to find some factual law to quote to transunion or the creditors.

Really appreciate the input here folks

Actually Tjs comment makes no sense. Twisted around everything that was said.

When you file bankruptcy your credit takes an initial huge blow. Usually more than 200 points off your credit score if not more.

The bankruptcy stays on your report for 6 years or 7 years depending on where you live. All the creditors that where involved will stay on your report until 6 or seven years of your date of last activity (last payment made)

They will all be listed as included in your bankruptcy and will have r9 ratings.

There is no way that that your score should be lowered every month after discharge because there is no clear laws to protect you. Your first blow of score drop and bankruptcy going on your report is punishment enough.

No one wants to go through a bankruptcy hell. My case it was a ex wife walking out on me and my son leaving all the debt on one wage.

I hate to use the Usa as an example but there laws are much more clear than Canadian laws. In other words this cannot happen. It shouldn't happen.

Hi T.J., care to clarify that last statement? I was under the impression that when someone declared Bankruptcy, the debts were discharged and deleted, however, a record of that Bankruptcy would appear on file for 6yrs. I certainly could be wrong here, as I've never gone through the process.

O.C.

How could that be possible.
Lets assume you have R1 rating for a loan for a yr or more....then you default for 3 mths. Are you saying that the R1 should be frozen , not be changed to an R9 because it would effect your score. That makes no sense. The r1 falls under anything on your credit report.
Also makes no sense that debt that was discharged in bankruptcy still exists.

I think the problem lies is where no one is sure what accurate is in this case. One person told me that use to work for transunion that anything in your credit report listed is suppose to be frozen so that new information added would not affect your score.

This is definitely not the case. Im almost thinking a letter to consumer affairs may be in order. Canada has no clear laws regarding reporting issues except everything should be correct.

Correct really needs to be defined what is correct and what is not.

hi habs2012,....

Yes.. i remember that story clearly.. although it was a few years ago...

The problem is that even when you declare bankruptcy, the debts are still owing... they are uncollectable though... that was exceptionally frustrating to me... I argued alot with the credit bureaus, consumer protection etc... at that time consumer protection wasn't aware of that problem...so there was alot of back and forth and letter writing with Equifax and TransUnion...

As far as being helped... maybe you won't be helped.... items must be accurate , complete and verifiable on your credit report...

Hey everyone. I ran upon an ebook offered for for sale on this site called DIY Credit Repair Ebook.

It mentions an example that Trans Union was still counting his debts, which were listed in his bankruptcy, as still 'outstanding'. Basically this person credit score was still going down because of recent lates.

Well. they are doing this to me as well. All of the items do have included in bankruptcy but they keep updating every month and my score keeps going down. I filed in June of 11 and discharged Nov 2012.

I have talked to them about this and i have challenged the late items being posted and mentioned how my score is dropping. Also they will not remove the balances on these accounts.

Is there no laws to protect us from this almost criminal stuff? They just keep telling me call the creditors.

I would order the ebook but it doesnt appear that the ebook helped this individual.