This Article Is About Credit Tradelines NOT Reporting To Credit Bureaus
What do you do when you have Credit Tradelines NOT Reporting To Credit Bureaus. I had this happen to me personally. I will discuss the hurdle I had to go through in dealing with Credit Tradelines NOT Reporting To Credit Bureaus. It was frustrating and it seemed like nobody had any answers.
All credit bureaus had automated systems that were of no avail to me. I have called the credit bureaus dozens of times a day. I called the bureaus Monday, Tuesday, Wednesday, Thursday, Friday. Every single day at least 12 times a day. I have done this for months. Sometimes I got lucky and got a human operator.
Most times I got disconnected while they were trying to transfer me to either a supervisor and/or a different department. Trying to reach a human operator at the credit bureaus was next to impossible. I found a trick on how to reach a human at the credit bureaus, which I have written a step-by-step blog to share with our viewers at Gustan Cho Associates.
Re-Establishing Credit After Bankruptcy
http://www.youtube.com/watch?v=38TusXKzKkM&ab_channel=Gustan Cho Associates-MortgageBankers
The team at Gustan Cho Associates has helped thousands of our viewers and borrowers re-establish credit after bankruptcy, foreclosure, deed in lieu of foreclosure, short sale, or after periods of bad credit. The team at Gustan Cho Associates are experts in helping consumers re-establish credit after bankruptcy, get their credit scores to over 700 FICO in less than one year after the bankruptcy discharged date, and qualify for a mortgage
I had to file bankruptcy in November 2019. This was due to my past judgment creditor renewing an old judgment from 2010. Like millions of other Americans, I was deeply affected by the 2008 financial crisis. My credit turned upside down for the worse. I was a real estate investor with over 3,000 residential units. My business suffered and I lost millions due to the economic downturn. I should have filed bankruptcy back in 2010 As I was reestablishing myself, many years have passed already I decided to let the statute of limitations run out and not file bankruptcy. Back in 2018, an old judgment creditor has renewed my judgment. Most judgment creditors do not renew judgments. Judgments can be good for 10 to 20 years depending on the state
When I got this judgment creditor to renew my judgment. I knew there was no way I could negotiate with them to settle. It was a six-million-dollar business judgment. I had no other choice but to file bankruptcy. I consulted with an attorney and started to prepare the list of my previous creditors so the Chapter 7 Bankruptcy can be filed. I was not worried nor concerned about my credit.
Me and my associates were experts in this field. We have helped countless folks reestablished their credit after bankruptcy. I knew for a fact I could get my credit scores to over 700 in less than one year after the bankruptcy discharged date. I used James Miller Law Offices from Milwaukee, Wisconsin. Hands down the best bankruptcy attorneys and the best operations and support team. Five-star review PLUS. My bankruptcy attorney, James Miller, has filed my bankruptcy in November 2019. My Chapter 7 bankruptcy was discharged in March 2020. Now it was time for me to go to work to reestablish my credit since my bankruptcy was discharged.
Obtaining New Credit To Re-Establish Credit But Credit Tradelines NOT Reporting To Credit Bureaus
A bankruptcy discharge eliminates all prior debts and enables consumers to have a fresh financial start in life. Consumer credit scores can be as low as in the 400’s after bankruptcy discharge. We will show you how to get your credit scores over 700 FICO one year after the bankruptcy discharged date. Gustan Cho Associates offers home mortgages with no waiting period after bankruptcy and/or foreclosure. Government and conventional loans require a mandatory waiting period after bankruptcy and/or foreclosure. Just meeting the waiting period after bankruptcy and/or foreclosure does not guarantee you a home mortgage approval. Lenders want to see re-established and timely payments after bankruptcy and/or foreclosure.
One late payment after bankruptcy is the kiss of death. Lenders and other creditors do not want to see any late payments after bankruptcy. Consumers with late payments after bankruptcy are called second offenders. Lenders and creditors will classify late payers after bankruptcy as habitual financially irresponsible consumers and want nothing to do with them At Gustan Cho Associates, one or two late payments are not always deal killers. Borrowers with late payments will be scrutinized and mortgage underwriters want to know why they were late on their monthly debt obligations. Obtaining new credit after bankruptcy is the best way of re-establishing credit. How can creditors give a recently bankrupt consumer new credit?
The easiest and fastest way of re-establishing credit after bankruptcy is through secured credit cards. You want to get three to five secured credit cards and at least one installment loan.
Make sure that all credit tradelines are reporting to all three credit bureaus. There are times where your positive credit tradelines do not report on all three credit bureaus when the creditors are reporting them. I will go over my personal experience where the credit bureaus did not report my positive credit tradelines.
Do Not Get Credit Tradelines NOT Reporting To Credit Bureaus
Consumers with bankruptcy discharge have zero credit tradelines. The discharge wipes out all previous credit tradelines. You now have a fresh start in rebuilding your credit. The key is to get three to five secured credit cards as soon as possible. You will get dozens of solicitations from car dealers and finance companies to rebuild your credit by getting a car loan. We highly do not recommend this unless you absolutely need a car. Car loans affect you when qualifying for a mortgage. Auto loans are amortized over three to five years which means you will have a high monthly payment which may affect your debt to income ratios.
The average car payment is between $400 to $800 per month. A $400 monthly payment is equivalent to an $80,000 mortgage. You may not get approved by all secured credit card companies even though you are putting up the upfront money for the credit limit. Do not get discouraged and either apply with a different secured credit card company or wait until your bankruptcy discharge has seasoned a few months.
Before you get a secured credit card, do some research about the secured credit card. Make sure that the secured credit card company reports to all three credit bureaus. Some secured credit cards do not report to all credit bureaus. Some may just report to one or two credit bureaus. The purpose of getting secured credit cards is to re-establish your credit and to have all three credit bureaus reporting your timely payment.
Run Your Own Tri-Merger Credit Report To Check Credit Tradelines NOT Reporting To Credit Bureaus
March 11th, 2020 was the discharged date of my Chapter 7 Bankruptcy. On the 12th of March, I started applying for secured credit cards. Not all secured credit cards have given me approvals. I had one secured credit card, Open Sky Secured Credit Card, prior to my bankruptcy which I reaffirmed and kept it. I then got a $600 secured credit card with Discover and a $200 semi-secured/unsecured credit card from Capital One. Capital One Secured Credit Card was offering consumers with bad credit and recently bankruptcy to apply for a secured credit card. Once approved, you needed to deposit $48 dollars and Capital One issued a credit card with a $200 credit limit.
I used this credit card often and paid the full balance several times a month. Sometimes I reach the $200 credit limit three to four times a month which I paid by phone whenever I reach the $200 limit. After three months of having the Capital One card and with consistent use, Capital One increased my credit limit to $500. I did not even ask for the credit limit increase. The increased credit limit increased my credit scores. I also got two installment loans which helped increase my credit scores.
I also got an unsecured $5,000 limit jewelry card which increased my credit scores (I will show you how to get these credit cards: Click this link How To Rebuild Your Credit After Bankruptcy). Starting July 2020 which is four months after my bankruptcy discharge, I started applying for unsecured credit cards which I got approved for all of them. Destiny Credit Card approved me for a $300 credit limit unsecured card. Credit One Credit Card approved me for a $300 credit limit unsecured credit card. I also applied for another unsecured Capital One credit card. I was happy that I got approved for another Capital One unsecured credit card with a $500 credit limit.
Since I am in the mortgage banking industry, I have access to pulling a tri-merger credit report. I pull a tri-merger credit report on September 1st, 2020 through Credit Plus and only got two out of three credit reports. My Equifax credit score was 690 and my Transunion credit score was 683. My Experian showed a zero credit score. Also, my Open Sky Credit Card only reported to Equifax and not Transunion.
The bottom line is I had no credit score or credit tradelines on Experian. I needed to get an Open Sky credit card to report on Transunion and see if Experian is reporting it and I need to see why I did not have a credit score or credit tradelines reporting on Experian. I had a lot of work to do to correct this issue.
Legitimate And Valid Credit Tradelines NOT Reporting To Credit Bureaus
There are valid reasons for Credit Tradelines NOT Reporting To Credit Bureaus. Not all creditors subscribe to the three credit bureaus. If a creditor does not subscribe to the credit bureaus, the credit bureaus will not report on their credit bureaus. Some credit card companies do not report to all three credit bureaus. Some may only report to either one or two credit bureaus. Michelle McCue a senior vice president at Gustan Cho Associates is an expert on the credit reporting industry and consumer credit disputes.
Non-traditional creditors do not report to credit bureaus. Examples of non-traditional credit are the following:
- Utility companies such as electric, gas, water, scavenger
- Telephone companies
- Cable companies
- Internet providers
- Cellular phone carriers
- Landlords and property management companies
Collection and charged-off accounts may report to one, two, or all three credit bureaus. There are instances where collection and charged-off accounts do not report on the credit bureaus.
Course Of Action Taken
The first action I took was to contact Experian and ordered a copy of my Experian credit report. Remember you read our blog on How To Reach A Human At The Credit Bureaus. When I spoke with the Experian operator, she told me that she does see 12 credit tradelines reporting on my Experian credit report.
When creditors pull my Experian credit, they see no credit tradelines and no credit scores. When I received a copy of my Experian credit report, I can see that all of my credit tradelines are reporting on the Experian credit report. I called Experian again and was transferred from one department to another. Finally, I spoke with a technical support supervisor. She told me to mail her a letter, a copy of my driver’s license, and a copy of a utility bill showing my name and address. What she told me was that Experian does not have an address on file and needs to update my information on their database. What I did was mail her what she requested and a copy of my tri-merger credit report from Credit Plus. Hopefully, this will correct the issue with not having a credit score and/or credit reporting of my Experian Credit on my credit report. I will keep our viewers at Gustan Cho Associates informed with upcoming updates. Stayed Tuned!!!
I called Experian again and complained that my creditors see nothing when they pull my Experian credit report. The Experian credit consultant I was transferred to was a savvy smart experienced professional. She said let’s start from scratch and started reviewing my credit report line item per line item. She instantly found the problem. Experian did not have my home address in their system. She entered my home address and this got the issue fixed. I now have data and payment history on my Experian credit report. This simple problem took me years of frustration. To all of our viewers who have creditors not getting data from any of the credit bureaus, please look at the issue I had. Contact the credit bureau and talk to an experienced veteran professional like I did. Go over line item by line item of your credit report. Make sure the credit bureau has your correct name, date of birth, social security number, and home address.
August 31, 2021 - 8 min read