other people's bankruptcy & credit

[wwe diva]

What is the name of your state? Florida
In 1997 My mom co-signed for an SUV for me, this was a gift and she made the payments, regularly(on time) In 1999 or 2000 she went into Bankruptcy and I told her to remove me from all her accounts so it won't go on my credit. Well her lawyer requested this and I was removed I pulled my credit and I'm still listed for the truck, a matter of fact it says on my credit that I'm under Bankruptcy! I've disputed the report but nothing, even called the lender which is Chrysler Financial and they are telling me that it will be on there even if it is paid off he also said the only way it will be taken off is buy refinancing it there is 2 more payments and it will be paid off. I'm in the process of starting a business and this is the only other factor that's effecting me. Please help what do I do????

 

[wwe diva]

other people's bankruptcy & credit con't

I forgot to add my mother lives in New Jersey if that makes a difference and the truck is registered here in Florida.

 

[racer72]

The entry should state that the so-signer of the account filed bankruptcy and it is a legal entry on your credit report. It is one of the hazards of co-signing a loan with someone with a poor credit history.

 

[Ladynred]

This sort of BK notation is also the subject of a major class action suit against the credit burueas !!! All 3 of them settled and should be pretty touchy about correcting millions of credit reports.

Dispute the damn thing again, and it might help to mention the recent class action as they should still be stinging from it.

How did you dispute it the first time, and how long ago ??

 

[JETX]

" I told her to remove me from all her accounts so it won't go on my credit. Well her lawyer requested this and I was removed"
*** Whoever said that you could be 'removed' from the co-signed obligation was not correct. That could ONLY be done with the permission of the lender, since the loan was made based on the application by BOTH persons.
Racer is correct.

 

[wwe diva]

other person's bankruptcy

well that was poor wording my mother's lawyer wrote a letter stating that I wasn't going through bankruptcy that my mom was. I diputed 4 weeks ago and just got the results last week. I called and told the peron at the bureau that the bankruptcy wasn't me it was my mom and I told her my mother's name. Was this the correct way to dispute it, if not how should I I will write them a letter. Them? the bureau or the lender or both??? Thanks again!!!!

 

[bigun]

Help's on the way. This was reported April 2, in the Atlanta Journal-Constitution.

Federal judge to clarify rules for credit reporting companies

By David McNaughton
The Atlanta Journal-Constitution


A federal judge in South Carolina has given preliminary approval to a settlement that requires the three big credit report companies to change how they report on consumers with ties to another person who has filed for bankruptcy.

Under the agreement, either the bankruptcy notation must be eliminated, or an explanation must be included in a credit report that the bankruptcy filing was made by another individual.

The agreement would settle a class-action lawsuit against credit reporting companies, Atlanta-based Equifax, Experian and TransUnion. The suit alleged the companies reported misleading information about millions of consumers.

Each of the companies earlier estimated that about 1.6 million consumers who have not filed for bankruptcy have a bankruptcy notation on their credit reports. That's so because they co-signed a loan or were a joint-account holder with another individual who did file for bankruptcy.

The plaintiffs in the case alleged they were denied credit because the bankruptcy notations.

Consumers directly affected by the suit will be notified by early August. Final approval of the settlement could come by late September.

In addition to changes in the affected credit reports, each of the affected consumers would be offered a free credit report.

 

[wwe diva]

Thank you so much there's light at the end of my tunnel!! I wrote a letter to the credit agency and attached that to it. I apprecite the artice soooo much!!!!!!

 

[bigun]

I would suggest you see someone versed in consumer law and see about suing the creditor for reporting false info. This case sounds very similar to what you posted.

http://caselaw.lp.findlaw.com/data2/circs/9th/0015946p.pdf

 

[wwe diva]

I just did this morning, I have this and another for credit fraud that involves Chase manhattan credit card that definetly isn't mine and they know it and won't take it off I posted a question on the board a month or so ago. I go Friday Wish me luck!!