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10-02-2012 09:38 AM
Well I can see you all smiling at the poor demented fool who would guarantee a lease for his ex wife! I did so of course because at the time my kids were living with her. I paid all child support and alimony and assumed she was paying her rent! Wrong. I only found out that there was a problem when I went to remortgage and was told that instead of the mid 700 's credit I thought I had it was high 500 low 600's. Awwwwcccchhhh! The company whom she was renting her apartment from never informed me that there was a problem and the first I knew something was wrong was a call from a collection agency. I spoke to my ex who apologized and told me she had worked about a payment plan with the collection agency and not to worry. Yes I know I naive, too trusting and stupid and not necessarily in that order! So long story short the collection agency reports me to the credit bureaus for non payment. I of course make a payment arrangement where they agree take about 60% of the outstanding in settlement of the debt. I figured once this was paid off my credit would go back up. Well I from Ireland and moved to the US 12 years ago, have never had a late payment and operated my finances to the highest standards. I earn quite a high wage and do not have huge amounts of debt. Yet my fido equifax score is 633! Pretty awful. Question finally what can I do if anything to draw these facts to the attention of the credit agencies as I do feel that I am a man more sinned against than sinning! Sorry this is sooo long and appreciate any advice. Ex wife got into trouble 8/11 I found out 3/12 and paid off debt by agreement with collection agency 4/12. Thanks again.
10-02-2012 12:21 PM
Welcome to the forums!
I'd suggest reading the following:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
Unfortunately paying a collection agency won't help your FICO score at all. It doesn't matter if you owe $10,000 or $0, the impact per FICO is the same. However, you can mail a GW letter asking the collection agency if they wouldn't mind deleting. Some will if paid.
10-02-2012 01:07 PM - edited 10-02-2012 01:08 PM
You can't do anything that will explain the negatives on your report with the result of increasing your score. The system just doesn't work that way. There isn't a provision for not knowing there was a problem but taking care of it proptly once you found out.
With the benefit of hindsight, you needed to check every month and make sure the lease was being paid on time. If you cosign something you need to act exactly as you would do if it was your lease.
You might be better served by making an agreement to pay the entire debt in exchange for it being removed from your credit.
Now you need to go after you ex for damages. Since she did not behave properly for the lease, how can you trust her to care for your kids?
10-04-2012 07:25 AM
I'm wondering if your ex-wife took financial lessons from my ex-husband, lol! My ex ruined my credit, but bad credit is not forever. My ex opened up credit cards in my name and maxed them out without my knowledge. I was 558 when I realized what was going on back in 2010. I'm now at 703 and have purchased a new home. I know what it feels like to have a very low credit score that doesn't reflect how responsible you are.
You can ask the collection agency to remove the negative tradeline, but since you have already paid them off, they might be reluctant to help. I read on these forums that you should do a "Pay for Delete" and request the deletion of the tradeline as part of the negotiated settlement. Well, too late for me and too late for you, but a lesson learned for the future. You can also put comments in your credit report with the three credit reporting agencies (Transunion, Equifax and Experian)...this won't help your score, but anyone who pulls your credit can see it.
I would also put a fraud alert on your three credit reports in case she decides to find new ways of taking advantage of you.
Glad to read your kids are with you now. The same thing happened with me and my child has been with me, exclusively, for over a year now.
All the best to you!!.
10-04-2012 12:26 PM
thanks for the words of encouragement. It is actually a relief to see how your credit has improved over the past two years! Your ex and my ex!! Now there is a marriage made in hell!
Guess I just have to monitor my credit more actively and keep reducing debt and who knows 700+ will beckon before I know it.
I really am impressed at just how friendly and helpful folks are on these boards! I was subscribed to Equifax before where my credit score shows as 728 currently! Then when someone pulls my credit and the fico computations are applied it shows up as 640! Cancelled that service 2 days ago and am happy to be here.
Thanks again and enjoy full time parenthood.....it's a blast!
10-04-2012 07:09 PM
I hear that my ex is just about done with wife #2 and on the prowl for #3...a match made it Hell that would be!
Keep reading the forums and soaking up knowledge...I owe it all to these forums as they taught me a LOT and helped keep me sane. Your score should improve a little each month as you continue paying on time and the bad stuff your ex did gets older and older. I am enjoying full time parenthood and full time everything...I'm busier than a one-eyed cat watching two mouse holes, lol!
Patience, grasshopper, and you will get to 700