I cosigned, he went bankrupt, I wasn't asked to pay

What is the name of your state? Kansas
I cosigned a store account (Service Merch.) for my son in 1994. He went bankrupt. No one asked me to pay the debt, but now it is listed as 'included in bankruptcy' on MY credit report. How can I clear it?

[bigun]

I would suggest you start by writing the CRA's that have it listed on your report and inform them there is an error and you've never filed for bankruptcy. Send the letter CRRR.
If that doesn't work, you'll have to toughen up. There is new caselaw that address this situation. Go to [url]www.bankersonline.com[/url] and scroll to courtwatch. Then, click on Fair Credit Reporting Act and the Nelson vs Chase Manhattan case is the one. Also, go to [url]www.ftc.gov[/url] and click on legal then Amicus briefs and that'll give you the FTC's position on the matter. Bottom line, both a provider and a recorder of credit information have to get it right.
In your case, it may be easier to start with the CRA's because, Service Merchandise is bk themselves. May well not be anyone that can verify your accout with the CRA.

[JETX]

When you agree to co-sign for someone, you are assuming the full liability (including credit 'hit') in the event that the other party fails to pay. That is why you got the 'hit' on your report.

The FCRA (Fair Credit Reporting Act) gives you the right to ask the CRA (Credit Reporting Agency) to investigate the report and remove it if inaccurate, but from your post, it will probably stand. The FCRA also gives you the right to post a 'comment' with the file. I would suggest that you note that this debt was a result of a co-signer who filed for bankruptcy and not you.

The bankruptcy note can stay for 10 years.

[bigun]

Halket,

Have you {or any other lawyer onhere} had a chance to read Nelson vs Chase Manhattan and, the FTC amicus brief? {As if you don't have enough to do!}
The appeal court addressed the same issues that you raised. Chase suggested that Nelson make a 100 word statement. He refused and the appeals court judges sided with him and said it was an inadequate remedy and then referenced any number of sections and subsections of the FCRA and said the trade line included in bk was misleading in this instance.
Not trying to indicate to the poster that this'll be easy {though with the OC out of business-maybe!!!} but, it seems he has a reasonable position. I know on another site that several posters have sued pro se various banks and cc companies on incorrectly reporting trade lines and using the Nelson case and claiming defamation of credit. They seem to be getting deletions and in some instances some modest cash as they all settle out of court.

[quote]Originally posted by bigun
Thank you for your input. I will write the CRA's. I was just frustrated that my otherwise good credit was spoiled w/o anyone even asking me to pay the account.