Identity Theft is stopping me from getting student loans help!

[Anonymous]

Okay I am a student and my semester just started this January and come to my surprise, my loan signed with a qualified cosigner was denied. Upon further investigation I found out it was denied because of a Capital One card that went to collections where the charges came from a con man.Now I am in the process of disputing the charges made and my assumption is this will take me a couple months to get taken care of, if I can even get it off my credit report at all. My real issue lies in the now as I am currently enrolled in classes and need to find student loans to cover them. The account that went to collections is paid in full even though I didn't use it just to help clear my name but the real issue is that it still says it went to collections on my credit report. This showing of collections is what is stopping me from getting a loan. Is there a way for me to get Transunion (that's the one the bank told me they were using) or the other credit bureaus to remove the paid collections on the account in the mean time until this is straightened out? My real worry is that if I don’t get these loans my classes will be dropped, and if I am not able to get it straightened out in 6 months I will have to start paying back my other students loans making me pretty SOL. 

1. Is there anyway because of my extenuating circumstances (the bad account was fraudulent) that I can have this removed quickly from my report?

2. If this is not possible, is there other loan options that would allow me to get approved without having a ridiculous bad credit APR?

I truly am as responsible as I can be and because of this con man I am paying the penalty. My first choice would be to have the collections account removed from my credit report since it is paid. If this would happen I could have the bank reevaluate my loan and assumingly have it go through.

Any help or additional information would be great

I am a good student just trying to get my education finished so I can start paying back my loans properly and am very close to getting screwed by this guy!

Signed,

edited to remove name

A frustrated student

[llecs]

Welcome to the forums!

You mentioned "con man". Do you have knowledge of the person who stole your identity? I've seen some cases where it's an honest mix up in incorrect SSNs. And who is reporting the debt? CapOne? Look closely at all 3 reports. Sometimes they'll list the last payment amount. Does it show a payment, or was it a sold charge-off resulting in a $0 balance? If $0 and sold, it would have to be older (and your reports would have dates to back it up). Maybe this is from years ago. Capital One LOVES to sue and they rarely report $0 unless they decided not to sue and sold it. If they sold it, look out for a collection agency. I doubt the thief paid it, assuming that's the case.

Since it isn't yours, and your identity may have been compromised, call the police today! Right away. Get a report filed for identity theft. You can redispute, via mail, this baddie with a copy of the police report. If you dispute without it, they won't believe you and will verify it in the cases of ID theft. Also, place a fraud alert on all 3 reports. To speed up the pocess a little, contact CapOne and explain and fax them a copy of the report. Maybe they can remove it sooner too. Finally, talk to the lender again and show them that this baddie is in the way of a loan.

[IOBA]

+1