Bankruptcy Credit Reports by CIN Legal Data Services offer more data than any free report from the credit-reporting bureaus. Learn how to get the most out of a Bankruptcy Credit Report by reading the tradelines like a pro. There are seven main components to a creditor tradeline that help to compile a comprehensive overview of your client’s credit history. This in-depth data can be found on the PDF of the Bankruptcy Credit Report, which you can also share with your clients.
1. Account Details:
The Name field is the creditor’s name as reported by the bureaus. Type lists if the account is individual or joint and the debtor’s relationship to the liability. Account contains the account number reported for the tradeline, hashed out for privacy. Status displays the most current status reported by the bureaus; examples include Open, Current/Open, Collection/Closed and Purchased by another Lender. This section is followed by the Credit Loan Type, which describes the nature of the loan. For a collection account, when the creditor provides original creditor information to the bureaus, it will be listed in this section under Original Creditor.
“The Account Name and Creditor Address are much easier to access using a Bankruptcy Credit Report.”
Diana Saffa | Saffa Law Group, PLLC
2. Balance Details:
Current is the last reported balance provided to the bureaus. High Credit is the highest balance reported in the tradeline’s lifetime.
3. Account Dates:
Date Opened is the date the account was opened. Last Reported is the date the tradeline was last reported to the bureaus. Last Activity is the last time any activity occurred on the account. That activity covers a wide range and includes transactions, payments and disputes.
4. Payment Details:
Monthly is the expected regular payment due each month. Past Due is the amount the tradeline is past due as of the last reported date. Pay History displays the monthly payment history for that account. The number of months may vary from tradeline to tradeline. Each month is represented by a letter or number. The far left digit represents the most current reported month.
5. Bankruptcy-Specific Address:
A Bankruptcy-Specific Address is listed for creditor noticing. Verified displays the month and year the address was updated. This database contains more than 10,000 addresses. It is audited weekly by the team at CIN Legal Data Services based on creditor frequency, type and recency to ensure the bankruptcy office of the creditor has not relocated. Since January 2018, there have been more than 8,500 updates to the creditor address database.
6. Bureau-Reported Address:
The Bureau-Reported Address is the generic creditor contact address provided by the bureau(s).
7. Owner & Source:
Owner is populated with the responsible party reported by the bureau for each tradeline. Owner will only show up on joint BCRs. Source is the bureau that has provided CIN Legal Data Services with information for the tradeline, abbreviated as follows: TU = TransUnion, EQ = Equifax, EX = Experian. Supplemental information provided by LexisNexis will be listed as LN.
Bankruptcy Credit Reports offer in-depth data and creditor tradeline information that can be beneficial to your case. Best Case imports information from: Account Details, Account Dates, Owner and Source, Bankruptcy-Specific Addresses and/or Bureau-Reported Addresses. Additionally, LexisNexis data can be easily imported into question 9 of the Statement of Financial Affairs (SOFA). On average, firms that import Bankruptcy Credit Report data save 60-90 minutes on each case.
Access the Bankruptcy Credit Report as a PDF to easily view the creditor tradeline information and other aspects of the report. You can also get more in-depth information on how to read a tradeline in the PDF. To view the PDF from the Order Details screen click the View credit report button.