     Gary Panek (Garyp) | Thursday, March 15, 2001 - 09:33 am 
I am celebrating the 2nd anniversay of my Chptr 7 discharge and am in the process of re-reviewing and updating my credit report.
I am having a problem with one account and haven't been able to find an answer to my question.
The account was with Lazarus dept stores which later became Federated Department Stores. Servicing of the credit info is by FDS Bank.
I first opend the account while in school and paid everything as agreed for the next 22 years. Due to divorce; loss of jobs etc, etc, I had to file Chptr 7. Over the years Lazarus ran special sales with special financing and kept track of the billing by adding sub-accounts to the main account (main account number + 2 digit sub-account). There were a total of 3 sub accounts plus the main account. The main account number was listed on the Chaptr 7 filing with only money owed on the main account.
When reviewing my credit report, they have submitted SEPARATE repsonses for each of the four accounts. Each account states that it was included in Chaptr 7 even though 3 of the 4 acconts had a zero balance.
When I questioned them, I was told that this was their policy. They had also reported the account numbers of a previous account that had it's card stolen with the balance transfered to the a new account. Again, it is their policy to report each account as a separate entry even though the balance was zero or the account was closed due to theft.
My thought is to reaffirm the zero balanced and lost accounts in order to remove the negative comments from the report. I would leave the un-affirmed the account with a balance of $1,500.
Does my action make sense? Does anyone else have ideas on this situation?
This site has been a terrific help to me. Thanks! |
| Dangelo Sinclair (Amistad) | Friday, March 16, 2001 - 05:10 am
Hey Gary,
I'm Dangelo.. and I'm five years out.. one day you will be like me. (LOL) Your situation sounds like it would be best left answer to your lawyer. I say this because if they are "sub accounts" then how does that fall into play? Is a sub account apart of the original just different account #? I have a loan that I took out on my reports. It was paid in full a year before chapter 7. I had another loan with the same company when I filed. So I have two entries for the same company. One perfect, one included in bankruptcy. I guess this is what "should" happen.
How would you reaffirm a $0 balance account? They would have nothing to gain. With the facts that I have now on the situation I would dispute the sub's with the CRA's as "one account reported more than once." I did this on a valid muliple entry mistake and I don't believe that researched it. They just fixed it. The other accounts had zero balence too.
It's great that you are cleaning reports now. I got alot of the good subprime offers with highly flawed reports. Now that my reports are cleaner I'm going to ask for lower APR's on exsisting cards. I also applied for a retail card (which F*CO likes) and got it.
I rememeber Lazurus from my NYC days. My mom use to take me there school shopping. Around Christmas they also use to make a big toy department.... Memories!! |
