topic Re: In a panic! 91 pt drop in TU in Understanding FICO® Scoring

In a panic! 91 pt drop in TU

ohjoy — Fri, 12 Oct 2018 21:29:30 GMT

I was so excited to have it an all new high with TU at 771 and I look at my score today to find a 91 pt drop because a collection was added to my report. Aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaarg!!!! Otherwise, I have a clean file.

I pull my report and see a $220 collection for a timeshare that was owned by me and my ex-husband. In the divorce, he took ownership and responsibility of the timeshare. I had no idea he was even late. No notices. No nothing.

I'm freaking out, first, because I think that this will trigger some extreme nastiness across my accounts. I want to hit dispute on TransUnion's website but I wanted to check here first to see if that's a good idea or if everything should be in writing. My head is exploding right now. It's been so hard since I've fought a baddie that I don't know where to start.

Also, can I freeze my other reports to avoid having the collection landing there?

...help.

Re: In a panic! 91 pt drop in TU

Jnbmom — Fri, 12 Oct 2018 23:47:48 GMT

Is that included with your divorce paperwork? I know most try to dispute online to do it quickly. I would suggest disputing through the mail and sending the paperwork proving his was responsible for the debt, send it CRR. It might take longer but they will have the documents.

Unfortunately a freeze won't help the others as they can report.

Re: In a panic! 91 pt drop in TU

ohjoy — Fri, 12 Oct 2018 23:24:24 GMT

@Jnbmom wrote:
Is that included with your divorce paperwork? I know most try to dispute online to do it quickly. I would suggest disputing through the mail and sending the paperwork proving his was responsible for the debt, send it CRR. It might take longer but they will have the documents.

Unforbately freeze won't help the others as they can report.

Yes. I do have court documentation.

Re: In a panic! 91 pt drop in TU

Jnbmom — Fri, 12 Oct 2018 23:48:31 GMT

Thats good. I would send that with your dispute.

Re: In a panic! 91 pt drop in TU

Anonymous — Sat, 13 Oct 2018 02:01:28 GMT

Is it a coincidence that my TU score dropped 91 pts too this past August? There was an absolutely false negative remark added to my credit report about a Chapter 13 income payment plan on an open account that I've paid more than double any required monthly payment and paid days before the due date.
Not one late or under paid installment. And now, after I entered a dispute with TU, both TU & Equifax report it as a closed acct, balance owing, and no history of any payments or reportable credit history.
I called the creditor and they have no clue how that horribly derogatory false notation was reported to TU, bec they state they didn't generate it. But a further search perplexed the account rep bec she couldn't find the source of who added it and why it was on my acct. She removed the erroneous notification but it's been 2 months since I reported the dispute and nothing has been put right. So, over 2 years of monthly reports on 2 accts suddenly show no history, or payments, or their current and open, unclosed status.
I had to add another dispute with TU bec the result of their investigation didn't change or correct the false state of information on their report. Even my auto insurance score was greatly depreciated by 100 pts, which put my very necessary search for a vehicle on hold until it is allocated correctly. I shouldn't have to pay more for auto insurance bec of the false information that has gutted my credit scores.
How can I get my rating and credit information back to what it was in July when I was making monthly progress in raising my score? Do I have to obtain a lawyer to sue whoever is responsible?

Re: In a panic! 91 pt drop in TU

DollyLama — Sat, 13 Oct 2018 02:29:43 GMT

OhJoy,

I worked in the financial sector. Never dealt with a timeshare, although numerous circumstances of divorce decrees and responsibilty of both parties. Any joint accounts owed by the parties, regardless that Judge favors he pays and will be responsible for X bill, and Y bill, she will be responsible for A bill and B bill, does not release the obligation with the creditor.

The debts were incurred prior to divorce and supercedes the Judge's ruling on obligations. It is always wise on loans, ie, auto, personal, to have paid off immediately, releasing the other party. Mortgages to be refinanced in responsible parties name if home is not sold, releasing the co-applicant.

Re: In a panic! 91 pt drop in TU

ohjoy — Sat, 13 Oct 2018 03:30:31 GMT

@DollyLama wrote:
OhJoy,

I worked in the financial sector. Never dealt with a timeshare, although numerous circumstances of divorce decrees and responsibilty of both parties. Any joint accounts owed by the parties, regardless that Judge favors he pays and will be responsible for X bill, and Y bill, she will be responsible for A bill and B bill, does not release the obligation with the creditor.

The debts were incurred prior to divorce and supercedes the Judge's ruling on obligations. It is always wise on loans, ie, auto, personal, to have paid off immediately, releasing the other party. Mortgages to be refinanced in responsible parties name if home is not sold, releasing the co-applicant.

In the final decree, I was ordered to tender a Quit Claim Deed to the property, relinquishing ownership solely to my ex, which I did. Regardless, how can my credit be affected for something that I am no longer receiving notices on. I have no way of knowing that the payments are late, let alone in default. I guess you're saying that I need a lawyer to handle this matter?

Re: In a panic! 91 pt drop in TU

DollyLama — Sat, 13 Oct 2018 03:39:17 GMT

I would contact your attorney, you deeded your ownership, but it did not appear to release your obligation with the creditor. Since it was ordered by the judge, you will have to sue your ex for any amounts paid by you that he did not fulfill according to the obligation as recorded in the divorce decree.

I hope this was the only debt you were at the time a co-applicant with your ex.

Re: In a panic! 91 pt drop in TU

ohjoy — Sat, 13 Oct 2018 03:50:24 GMT

@DollyLama wrote:
I would contact your attorney, you deeded your ownership, but it did not appear to release your obligation with the creditor. Since it was ordered by the judge, you will have to sue your ex for any amounts paid by you that he did not fulfill according to the obligation as recorded in the divorce decree.

I hope this was the only debt you were at the time a co-applicant with your ex.

I wonder why it's only showing $224. Surely that can't be all that he owes, unless he sold it or something. I mean, if that's it, no biggie. But, sheesh. Should I be expecting more on this account? Like, if it's in collections, shouldn't it be showing the entire balance due?

Other than that and some back federal taxes, everything else was in his name so, nothing. I'm SO pissed. He's still angry about the divorce so, I can't really expect any info or cooperation out of him. This sucks. Ahhh, the adventures with this guy never ends. smh

Re: In a panic! 91 pt drop in TU

iv — Sat, 13 Oct 2018 21:45:52 GMT

@ohjoy wrote:
In the final decree, I was ordered to tender a Quit Claim Deed to the property, relinquishing ownership solely to my ex, which I did. Regardless, how can my credit be affected for something that I am no longer receiving notices on. I have no way of knowing that the payments are late, let alone in default. I guess you're saying that I need a lawyer to handle this matter?

As you've just discovered, a Quit Claim Deed doesn't have any effect on loan obligations... but it does give away any rights you would have had in the property.

Since this was a joint account, it's still in both your names until it's refinanced or paid off.

Yes, you need a lawyer - and not the same one that agreed to the Quit Claim instead of a refi!

Re: In a panic! 91 pt drop in TU

yapsalot — Sun, 14 Oct 2018 05:14:40 GMT

OP, what is the name of the entity that placed the negative item on your report? Is it the mortgage lender or is it the timeshare itself or is it a debt collector? It might make difference. Since you are apparently still obligated on the mortgage, if the debt is a late payment regarding the mortgage, you are presumably liable due the the carelessness of your family law attorney. If, however, the debt is a charge from the timeshare itself, it seems likely that you are not liable for that charge because you no longer own the property.

If the item is reported by a debt collector, then the report itself won't likely reveal to whom the alleged debt is owed.

I would not panic. Nor would I dispute it with the credit bureau until you do some investigation to determine the source of the charge, for two reasons: one, if you have a fuller understanding of the nature of the charge it could ultimately enhance the strength of a subsequent credit bureau dispute and, two, if you determine the timeshare property is the source of the alleged debt, and not the mortgage lender, you may more quickly obtain a removal of the item by informing the timeshare that you are no longer an owner and demanding the immediate removal of the item.

I agree with the other poster who implied that you might need a different lawyer for several reasons. First this is no longer a family law issue, its a debt collection/credit reporting issue and there are attorneys who specialize in that field. Second, I wouldn't return to the bone-head that got you into this predicament in the first place.

Re: In a panic! 91 pt drop in TU

ohjoy — Wed, 17 Oct 2018 15:57:29 GMT

@yapsalot wrote:
OP, what is the name of the entity that placed the negative item on your report? Is it the mortgage lender or is it the timeshare itself or is it a debt collector? It might make difference. Since you are apparently still obligated on the mortgage, if the debt is a late payment regarding the mortgage, you are presumably liable due the the carelessness of your family law attorney. If, however, the debt is a charge from the timeshare itself, it seems likely that you are not liable for that charge because you no longer own the property.

If the item is reported by a debt collector, then the report itself won't likely reveal to whom the alleged debt is owed.

I would not panic. Nor would I dispute it with the credit bureau until you do some investigation to determine the source of the charge, for two reasons: one, if you have a fuller understanding of the nature of the charge it could ultimately enhance the strength of a subsequent credit bureau dispute and, two, if you determine the timeshare property is the source of the alleged debt, and not the mortgage lender, you may more quickly obtain a removal of the item by informing the timeshare that you are no longer an owner and demanding the immediate removal of the item.

I agree with the other poster who implied that you might need a different lawyer for several reasons. First this is no longer a family law issue, its a debt collection/credit reporting issue and there are attorneys who specialize in that field. Second, I wouldn't return to the bone-head that got you into this predicament in the first place.

It's being reported by a collection agency.

Re: In a panic! 91 pt drop in TU

ohjoy — Sun, 21 Oct 2018 04:38:23 GMT

@yapsalot wrote:
OP, what is the name of the entity that placed the negative item on your report? Is it the mortgage lender or is it the timeshare itself or is it a debt collector? It might make difference. Since you are apparently still obligated on the mortgage, if the debt is a late payment regarding the mortgage, you are presumably liable due the the carelessness of your family law attorney. If, however, the debt is a charge from the timeshare itself, it seems likely that you are not liable for that charge because you no longer own the property.

If the item is reported by a debt collector, then the report itself won't likely reveal to whom the alleged debt is owed.

I would not panic. Nor would I dispute it with the credit bureau until you do some investigation to determine the source of the charge, for two reasons: one, if you have a fuller understanding of the nature of the charge it could ultimately enhance the strength of a subsequent credit bureau dispute and, two, if you determine the timeshare property is the source of the alleged debt, and not the mortgage lender, you may more quickly obtain a removal of the item by informing the timeshare that you are no longer an owner and demanding the immediate removal of the item.

I agree with the other poster who implied that you might need a different lawyer for several reasons. First this is no longer a family law issue, its a debt collection/credit reporting issue and there are attorneys who specialize in that field. Second, I wouldn't return to the bone-head that got you into this predicament in the first place.

Yapsalot, come back and let's talk this through.

So, I sent a message to my ex about this, and looking more closely at what's reported on my report, I see that it's being billed by the timeshare, likely for maintenance fees. It's showing me as a co-signer. I don't remember what I signed with them on the maintenance fees. But, what you're saying is that if I no longer own the property, that releases me from the maintenance agreement? Is this something that should handle, and if so how, who, what? Or should I engage an attorney? I'm ready to move on this.

Re: In a panic! 91 pt drop in TU

yapsalot — Mon, 22 Oct 2018 07:47:08 GMT

I think it is a positive development that the charge is made by a debt collector and that the charge is for maintenance fees. Debt collectors are notorious for being wrong. I don't see how you could be liable for maintenance fees for a property that you no longer own. The more likely scenario is, and I am guessing, their is some imprecision in the records of the time share. That is, the time share didn't get paid for a relatively recent bill and forwarded the matter to a debt collector including an incorrect identification of you as an owner. I'm going to pm you.