And another issue in regard to my current credit report: Q: Yes, I am a fool. While engaged, I closed my checking accounts and basically handed over my paychecks to my now ex-fiance, who paid all of the bills out of his account. Well, we WERE getting married and I trusted him...more fool me. We would sit down monthly and write out all of the bills, and since he was paranoid and afraid of using the mailbox outside in case someone stole his mail (or so he said), he would mail all of the bills at the post office on his way to work. Not even a month after I moved out, I received a letter from the company that had financed my car informing me that my vehicle was being repossessed due to the payments not being made for three months. Yes, the ex quit mailing the payments and instead used the money to purchase a car for himself that he kept at his parents' home. Strangely enough, I never heard from the finance company again. However, on one of my credit reports, there is a balance of $2,317 and on my other two credit reports there is no balance and it says that it was transferred or sold 12/06. I have never been contacted by anyone in regards to this account and cannot determine who purchased this debt. What will happen if I contact the OC? I have considered asking them to set up a new payment plan in exchange for removing all negatives and reporting on-time payments. However, I am worried that they did sell the debt - how do I find out who 'owns' this debt without re-setting the SOL? Do you think my proposal is valid and will work? I am working on buying a house and do not want to wait until 12/09 for this to drop off (date per TransUnion). This is the largest open balance on my credit report, so it is critical that I either make arrangements for the negatives to be removed because my bank told me that as soon as I had all balances at 0, or removed from my reports, I would get my financing.
Well, the first thing you need to do is contact the finance company of your auto loan. Pray that they've kept copies of the checks used to previously pay the monthly payments. Almost all businesses make copies of checks before depositing, hopefully you can get copies with HIS signature and bank account. Next, you will probably have to go to the police at some point, so start preparing yourself for that step. I would try to deal with the finance company directly, but you will probably have to deal with the collection agency. Simply explain the situation, but prepare to be "not believed", hence the need for copies of previous checks. You don't state your ability to pay, or not pay...can you pay the past due balance? The goal here is to clean up your credit, so first: Immediately dispute these accounts on your credit report, do it on line if possible. Contact the finance company, they can tell you who the debt was transferred to or sold to. Then start walking through until you can speak with whoever owns the debt. Start preparing a case against the ex, you will probably want to take him to small claims court. Contact your local court and find out what the maximum amount you can sue for is. I'm sure you'll have questions, so please post any you have.
Thank you Bizwiz. As you suspected, I do have questions. First, the ex-fiance has disappeared. This situation occurred in early 2003, and the last I heard he ran off with a married woman and no one has heard from him. Based on his spotty work history, I think taking him to small claims court would just be more time and effort than it is worth at this time; I'd rather concentrate on getting my credit reports cleaned up. I can't pay the balance, or even half of it at this time. However, I am willing to make payments. Every extra penny I've had over the last two months has gone towards cleaning up my credit. That's why I was hoping that by calling the finance company and offering a new payment plan in exchange for removing the negatives would not only raise my score, but possibly show a line of on-time payments. Is this feasible? I will contact the finance company (it is Americredit, if anyone has had experience with them I would sure appreciate it if you share); and see if I can find out who now owns the debt. I would like to verify; I am a little afraid to dispute this for fear that it will tick them off and I won't be able to work with them. I don't want to open up a can of worms and make the situation worse. I would again appreciate any insight/experience you have had in this area.
