A friend of mine is in an uncomfortable situation, she is in the process of purchasing a house and just found out in her credit report that she had a revolving account open with sears as an AU since 1999. The credit report also showed that she had a balance of 1400+ and 6 times late 2x 30days late 2x 60days late 2x 90+days late. She did some investigating and found out that her cousin did her in. So I'm asking this forum.... what can she do about it? please give us your expertise in this matter, as I'm sure mortgage lenders will take advantage of this situation to hike interest rates. The only fortunate thing happens to be that the derogatory item only appears in her equifax report.
since it is sears, her best bet will probably be just a simple 30-day 'not mine' dispute. sometimes this will get the item deleted without much fuss. sears is the worst place to owe a debt to, they won't bend on anything, and they will collect on the debt until the end of time. I speak from personal experience on this. I'd be reluctant to validate them, as it will only serve to remind them that she owes them money. This is just my opinion on the matter, I'd get a few more opinions before taking action.
does the sears account show a balance due ? as an authorized user you are not liable for any payments nor the history on the account you are only a user allowed to make purchases. I would dispute the acct with the CRA and say the acct was not yours this should fix it. if not give sears CC customer service a call and inform them of the reporting and request that remove the account off your report.
Ok, these are the steps that will be taken. 1. Cousin will remove my friend as AU 2. Sears is sending a letter to my friend that she is not a Sears customer, neither has she any contractual bond with them. 3. My friend will dispute with Equifax about the acct not being hers, and at the same time will submit copy of letter to potential mortgage lenders if the issue is brought up (which I'm sure it will be). Thanks group!
