Here is the story(LONG) In 1999 my husband was the principal on an unsecured line of credit and a friend was the co-signer. The loan was FOR his friend,who could not get approval on his own. Promised to make all payments and well you know the story. This 'friend" filed BK and listed this as one of his debts with( BOFA). Well backtracking a little the bum NEVER made the first payment WE made all of them,UNTIL one day I went to the counter to pay the payment and much to my surprise BOFA told me the account was locked due to BK. To make a very long story short,this showed up on husbands credit as a CO. After much begging and pleading with BOFA they deleted the account from TU ,EQ and FAXED the sme request to delete to EX. EX never deleted and when I disputed they came back verified???. I called BOFA and asked them to delete this from EX at which time they told me that they were unable to delete until 7 years had passed!!! I told them that they had ALREADY deleted from TU and EQ but then for fear of them reversing this deletion,I stopped fighting it. They have never placed the account back on the other 2 files ,but I am afraid if I try for deletion AT EXPERIAN again,I am going to trigger this. This is like being branded with the scarlett letter. Thanks,Janet
Good luck getting it deleted as he was the signor on the note so he is responsible also. I'm surprised when the BK was filed and the cosignor included them that BofA didn't come after him for the balance?
There is a class action lawsuit currently pending with all 3 CRAs for this exact same thing. They cosigned on some sort of loan- the other party filed BK- it shows up as a BK on the cosigners credit report. What I would try disputing this as: #1 It had never gone into CO status- you and your husband paid it on time until the day of the filing. #2 You never filed BK Send a letter to EX reminding them that this is why their getting b$%^% slapped in the courts right now and to remove it NOW. 5 days later, send another letter to the OC (B of A, I believe?) disputing their tradeline under the FCRA. See if they dare to verify.
Thanks Guys for the advice.This was my point exactly we were never tipped off by anyone that this was about to happen. One would think that BOFA would have tried to contact my husband regarding this and given him a chance to refinance in his name only rather than just let it go. I am still trying to decide on the best way to proceed.My BIGGEST fear is somehow having this thing show up on the other 2 reports again. A royal pain in the ass! Janet
