I need some serious help, I reicieved my credit report about 3 months ago for the first time in about a year and noticed a few negative items, the most serious being a unpaid charge off for the amount of $96,000, and that is not a misprint. I have never, not to my recollection, received any CA letters for this or any other type of notices. The account was with amex, (small business corp cc) and was apparently opened on 12/98 fraudulently by a former employer. I don't know why this just hit my credit profile within the last two years. On my Equifax and Experian, it says that this acct. has been closed since 1-1999, but on TU it has a different date of closure of 3-2000. My first question is when will this charge off fall off my CR? Experian has it scheduled to appear until 2006. I first disputed this item with all 3 cra's and it came back as verified. I then contacted the oc's fruad dept. and opened a investigation. Here is where it gets a little wierd. I receive a letter from amex fraud dept. stating that they believe the debt is mine due to our telephone conversation. So I call them back and ask what they meant. They said they determined this because I stated somewhere in that telephone conversation that I opened this account. I don't belive that to be the case, although they did ask me if I ever opened an account with amex which I did, an optima account around the same time in 1998. I'm thinking their must of been a misunderstanding and confusion about this part of questioning. My next question would be, can I be held liable if I incorrectly stated I opened an acct. over a telephone conversation? Apparently, amex has determined they can. I need some serious advise, can anyone help me please? What should I do next? I've been reading around the forum and it sounds like I should send the oc a validation letter, but will this open up a can of worms? Is the amount of $96,000 to much to try to dispute? Help anyone?
I would say the can of worms is already open.You say it isn't your's, so make them prove it is. For that kind of money, I would be seeking some very competent legal counsel though. Gib
I'd suggest you first take the credit report to the police station and file fraud charges against your ex employee. Then, I'd go see a lawyer. I wouldn't risk a miscue with a $96K balance.
You need an atty. This is too big for them to go down easily An excellent case study for recording your own phone calls. I rest my case.
Thanks for the responses. The last I heard this person who commited the fraud was out of the country so going to the police would be useless. It's been about 3 almost 4 years so I guess I can always wait the 7. It's confusing because my credit score hasn't really been affected by this negative item. Is there anyone who can tell me what the repercussions of having this on my CR is? Will the amount of the charge off play any factor in my score?
The purpose of the police report is to "cover your assets". I don't know why you would be content to just leave this sitting on report. I sure as hell wouldn't lend money to anyone with a 96K chargeoff on their report. Gib
If they obtained a judgement against you, they could garnish your wages, attach liens to property you own. Judgements do not just disappear in 7 years, in most states they renewable. 96K is a lot of money, I doubt many creditors will simply roll over when that kind of money is involved. As stated before, I would seek out a competent attorney. Gib
Thanks Gib for your quick response. I just refied my wife's new car through a pre approved loan. It was under my wife's name, but I switched it over to mine. I owe about $20K on it. Was that a bad thing to do because of this situation? What should I do? I just did this about 7 days ago. If this was the wrong thing to do, can I get out of this newly acquired loan? thanks very much.
dchoy2500, I'm sorry but I just don't know the answers. I doubt they could take your car, and if it is as you said and the account was opened fraudulently, do as was suggested and file a police report. Then go see an attorney. For a $96,000 debt I would not rely on advice from someone I don't know. Good luck, and I hope you can get this resolved. Gib
96k!!!!!!!! Why are you willing to let a former employer get away with that? Employers have all sorts of rules, local, state, and federal that they have to abide by. And that's not even touching the act of identity theft and fraud itself and the associated laws. Sassy
If an oc does not have any proof of an acct. such as no contract bearing a signiture, etc., can they take you to court (judgement)?
I have to side with the majority on this one. file a police report (if the police will let you (tell them you just found out about it even though it is four years old)). find a REALLY REALLY REALLY good lawyer. over this much money amex will sue you and your mother for birthing you and file liens and garnish wages and generally make your life a living hell. but that's just my opinion.
