topic Re: Credit stuff is confusing me in Rebuilding Your Credit

Credit stuff is confusing me

Anonymous — Fri, 07 Nov 2008 01:38:18 GMT

I have a couple of issues that I'm trying to figure out if I can do anything about.

First is a cc my husband got and added me as an authorized user. They never reported anything on me until things got tough and we couldn't pay them. Tried talking to them and still nothing. Now they charged it off and put it on my credit report. They even admitted they could not hold me responsible for it, but yet they did by putting it on my credit. Can they do that and is there any way I can get it off of my cr?

Second is some bad cc of mine from 2005. They of course show up, but they sold them to credit collections. The credit collections have reported just last month even though they have had it for at least a year. 2 negatives for one account, and still reporting on it making it look like it's been reopened even though I have had no communication with any of them since 2005. Is there anything I can do about that?

Any help is greatly appreciated!

Re: Credit stuff is confusing me

cadavis0609 — Fri, 07 Nov 2008 02:26:47 GMT

@Anonymous wrote:
I have a couple of issues that I'm trying to figure out if I can do anything about.

First is a cc my husband got and added me as an authorized user. They never reported anything on me until things got tough and we couldn't pay them. Tried talking to them and still nothing. Now they charged it off and put it on my credit report. They even admitted they could not hold me responsible for it, but yet they did by putting it on my credit. Can they do that and is there any way I can get it off of my cr?
Dispute as "not mine" with the CB's

Second is some bad cc of mine from 2005. They of course show up, but they sold them to credit collections. The credit collections have reported just last month even though they have had it for at least a year. 2 negatives for one account, and still reporting on it making it look like it's been reopened even though I have had no communication with any of them since 2005. Is there anything I can do about that?
IF I read this right, 2 collection agencies are not allowed to report the same debt and the OC is not allowed to report anything but a 0 balance. DV both CA's. The one that no longer has the debt should fall off. Then, if the OC is still reporting as if it is their account, then see if you can deal with them and see if you can PIF to them. They should take it back from the CA and it will fall off as well.
Any help is greatly appreciated!

Re: Credit stuff is confusing me

Anonymous — Fri, 07 Nov 2008 02:40:20 GMT

Get your husband to call...and tell them to take you off as an AU...and that he takes full responsibility for the debt....and ask for it to be removed from your reports...

Re: Credit stuff is confusing me

Anonymous — Fri, 07 Nov 2008 02:41:12 GMT

The same debt is being reported by the cc and a ca. Sorry I wasn't more clear.

Re: Credit stuff is confusing me

Anonymous — Fri, 07 Nov 2008 08:31:12 GMT

You can have 1 OC and 1 CA report the same debt!

Re: Credit stuff is confusing me

Anonymous — Fri, 07 Nov 2008 12:35:10 GMT

Thanks...that's kind of crappy as it makes your report look even worse.

If I do the PFD, I send it to the CA right? If they go for it, will it erase both the OC and CA? Just want to make sure I do this correctly.

Re: Credit stuff is confusing me

llecs — Fri, 07 Nov 2008 14:53:55 GMT

cme76 wrote:
Thanks...that's kind of crappy as it makes your report look even worse.

If I do the PFD, I send it to the CA right? If they go for it, will it erase both the OC and CA? Just want to make sure I do this correctly.

If you go the PFD route, be sure to DV the CA first, even if you know you own the debt. I'd also call the OC to see if they own it still.

If the CA accepts it (most of your score damage is likely coming from this CA rather than the OC), then the CA will delete and the OC should be reporting $0. If the OC changes it to $0, you'll likely get a score bump if that CC is factoring into utilization at all.

After all this shakes out, then GW the OC asking them to remove any lates, CO status, etc.

IMO, offer a PIF in your PFD. A "settled" comment is read as a CO by FICO.

Re: Credit stuff is confusing me

Anonymous — Sat, 08 Nov 2008 00:58:50 GMT

Thanks a bunch! I plan on PIF, as I want this stuff gone. Honest truth...I felt like that guy on tv...yep I'm singing the song...as I didn't know anything was going on until I tried to buy a truck the other day. Amazingly I got Ford to finance me after I offered a good size down payment, and luckily they didn't kill me as bad as I thought they were going to on the intrest rate. Many thanks!

Re: Credit stuff is confusing me

Anonymous — Sat, 08 Nov 2008 01:31:04 GMT

cadavis0609 wrote:

IF I read this right, 2 collection agencies are not allowed to report the same debt and the OC is not allowed to report anything but a 0 balance. DV both CA's. The one that no longer has the debt should fall off. Then, if the OC is still reporting as if it is their account, then see if you can deal with them and see if you can PIF to them. They should take it back from the CA and it will fall off as well.

The only time an OC must report a zero balance is if they sold the debt. Both the OC and one CA are allowed to report a debt. This is whether it is sold or not.