QUESTION
Does my auto loan payments count as good credit on my future credit reports when i reaffirmed the auto loan with the bank when i filed chapter 7 ?
Asked on Jan 26th, 2012 on Bankruptcy - Pennsylvania
More details to this question:
my chapter 7 bankruptcy was discharged on 10/24/11.i kept my auto loan and reaffirmed my loan with the bank & i have 1yr&8mths left on the loan . my lawyer told me it should but wasn''t sure for sure and i called the bank''s credit dept. and they said they would report it in future as good credit for i was never late and in good standing with them and it should be reported as such(good). but i keep geting these car dealer mailings for purchasing new car loans and reestablishing your credit thru them and it says on them "find out why if you reaffirm an auto loan after a bankruptcy has been filed that those future payments do not count as credit on you credit reports" so i need to find out what the truth is: Do i get credit for the remaining payments i owe or am i just paying them back and i get no credit for the balance owed??? please email me asap,Thank you
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
Reviews not shown
3 Awards
The reason you can't find an answer is it depends on the creditor. To my knowledge there is no law one way or the other on it. There's nothing that REQUIRES a creditor to report ANYTHING on a credit report. They are only required to be accurate with what they do report.
Many creditors will not report current payments on a debt if it was NOT reaffirmed in a bankruptcy case. This isn't because they aren't allowed to--they simply choose not to. Similarly, most will report payments made on a reaffirmed debt as being made "current".
The best way to make sure you get credit is to simply take out a new loan for a new vehicle (or whatever) and that should enable you to get "good" marks for repaying.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr
Answered on Jan 26th, 2012 at 8:27 PM