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Ex's Charge off on my file


ShineOn
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This account magically appeared on my file this year. I was the co-signer on my ex's loan in1997. It was never paid late, it was included in our CH13 which was dismissed. After the BK dismissal my ex settled with the OC for the payoff amount. I was never made aware of the situation until I found it on my report. I have disputed it but it comes back "verified"

HOMEQRECV1

Remarks:

[TransUnion]

[Experian] Account legally paid in full for lass than the full balance.

Unpaid balance reported as a loss by credit grantor.

Account legally paid in full for less than the full balance.

[Equifax] Account closed by consumer

TransUnion Experian Equifax

Past Due:

High Balance: $6996 $0

Terms: 62 months

Limit:

Payment: $0

Opened: 11/1997 11/1997

Reported: 09/01/2003 10/2006

Responsibility: Joint Joint

Late Payments (last 7 years):

TransUnion Experian Equifax

days late: 0 0

days late: 0 0

days late: 0 21

What kind of letter would work in this situation? Should I send a MOV to the CRA? I called Equifax about it and they said I should write the company and ask them to remove it since I was just a co-signer and not involved in the charge-off. Also this info they are reporting is not correct. The balance on the account when we filed or BK was about $2200 after the BK it was $1500, my ex told me he settled for a little under $1200.

or...

Should I just keep saying it is not mine?

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This was soon after my divorce and at the time my ex was so mad about the divorce he wouldn't talk to me bout anything but Since I was obligated shouldn't they have notified me before the payoff amount was decided? I was never even contacted by the OC. My address was the same as when I co-signed and we requested to our BK atty that all creditors be notified of our adresses and phone numbers so we could settle any unpaid amounts. That was how they contacted my exhusband and came to the agreement.

I spoke to a lady at Exquifax and she said to write to them and ask for it to be removed since I was never contacted. I am hoping that will work. If not I guess I will have to wait until Feb. 2008 when it falls off.

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As far as I'm aware, creditors have no legal obligation to contact a co-maker/co-signor of an obligation (although there may be some states that require it) and it's been my experience that they usually won't.

Since they were dealing, apparently, with your ex they had no reason to bring you into the arrangements.

However, as has already been said, when you are joint/co-maker-co-signor on an obligation whatever happens with the account goes on the credit reports of each person involved if the creditor reports that information at all.

You may get them to remove the tradeline and there is certainly no harm in asking but I wouldn't count on it.

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Here is what Equifax said...

You have indicated that certain accounts are involved in a divorce decree and are the responsibility of another party. Please be aware that a divorce decree does not supersede the original contract with the creditor and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.

If such accounts are still open and available for credit use, then it is prudent to urgently resolve those responsibilities. Once resolved, the creditors should properly update that on your Credit Report during their next reporting cycle to us. If the update has not yet occurred and you have documentation of the release from the creditor, you can provide that material to us via the mail (address listed on your credit report).

I am preparing the letter tonight so I can send it Friday.

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