Per the FCRA, how reaffirmed cars should show up? 5 Answers as of October 04, 2017

We filed chapter 7 almost 7 years ago. We reaffirmed our vehicle, and paid it off; however, our credit report states the condition as derogatory, and the remarks list it was reaffirmed. I thought it was supposed to help our credit, not lower it with a derogatory mark.

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The Salas Firm
The Salas Firm | Ron Salas
Reaffirmation is a new agreement post bankruptcy, so if you were late or missed a payment after signing the reaffirmation, the credit company is absolutely within their right to mark it as derogatory. If you did not sign the agreement, then they are not allowed to mark your credit as derogatory. In my opinion, Reaffirmation agreements are rarely in a debtors best interest.
Answer Applies to: Colorado
Replied: 10/4/2017
Ronald K. Nims LLC | Ronald K. Nims
If you were delinquent on the loan for months, that will still show in your credit report.
Answer Applies to: Ohio
Replied: 10/4/2017
Bird & VanDyke, Inc.
Bird & VanDyke, Inc. | David VanDyke
When you re-affirm a debt it will take the debt out of the bankruptcy. So if you had late payments at any time those will still show up on your credit report. If you never had late payments ever on the loan I would challenge those with creditor and with the applicable credit reporting agency.
Answer Applies to: California
Replied: 10/4/2017
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
Yes-a reaffirmation is supposed to help improve your credit. You can write each of the credit reporting services which lists the debt in some derogatory way, and ask them politely to change the form of the notation so that it shows that you reaffirmed the debt AND paid it in full in accordance with the reaffirmation. You could make the same request of the creditor on the vehicle-ask them to see that the notation is corrected. This has worked for me before.
Answer Applies to: Wisconsin
Replied: 10/4/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to send a dispute letter to TransUnion, Equifax and Experian. The addresses are on the internet.
Answer Applies to: California
Replied: 10/4/2017
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