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DreamTheEndless

Foolishly cosigned for a former friend. Paid the price. Advice to remove paid collection from credit.

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Greetings everyone,

 

I've made a grave mistake cosigning for a former friend for a apartment. He actually paid the payments on time. After his lease was up he decided to move out of the apartment. During the final close out he paid any final fees owed to the original creditor in cash. Another friend was with him at the time and testified that he paid, but unfortunately did not ask for a receipt. Unknowingly to me months later on Oct 01, 2009, I received a call from a collection agency demanding that pay the amount of $990.00 in five days or my former friend and I would be sued. The collection agency noted that the OC and CA attempted to contact my former friend, but I later found out my friend foolishly ignored the phone calls as he assumed he paid all debts. I pleaded with the CA that I would contact my former friend immediately and threaten him to pay the fees owed. In return I asked if this would affect my credit score and the CA lied and said no. I pleaded with the CA verbally and not in writing, "big mistake" that I would force my friend to pay if my credit would not be effected. I forced my former friend to pay immediately and the CA added it to my credit score anyway.

 

This could have come at the worst time as I was trying to settle into my first home shortly after. I managed to get the home but it was a nightmare battling with my newly bad credit. I managed to get my credit score to a 720 before the CA appeared on my credit report.

 

My current credit scores are EQ 659 / EX 662 / TU 695

 

I got lucky using Trans Unions online dispute to remove the CA from TU, but Equifax and Experian will not budge. They keep "updating" my record and not removing it. I've spent a lot of years getting my credit score from the 500's to where it is now. I have no late payments, or other collections but being hurt by having high utilization on my credit cards which I am battling to pay off and that one collection. There is a possibility that apartment clerk kept the cash when my former friend stupidly did not ask for a receipt as the apartment complex was low end in a bad area. Is there any way to fight this? I haven't started sending goodwill letters or other letters yet but that would be my next option.

 

Any possibility to sue the apartment complex if they deny ever receiving a final payment? I know that will be difficult as it will be my former friend's word and my word without no proof.

 

Each day and grow more and more angry at my poor decision and finally ready to go all out and do whatever it takes to remove this collection and get my credit score back to 700+ across the board.

 

Moral of the story,

 

Never cosign for anyone! It ruins lifelong friendships and lives.

 

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Moral of the story,

 

Never cosign for anyone! It ruins lifelong friendships and lives.

 

 

Yup...sorry you had to learn that lesson the hard way. People lie all the time. Sad, but true.

 

I have a brother who asked me to cosign a car loan for him one time. No matter how much he begged and pleaded with me to do it, I told him no. I wasn't going to risk my credit and finances for him (he's not the most reliable person in world, if you catch my drift).

 

Realistically, unless it's a parent/child or a husband/wife situation, where there is some sort of firm legal bond between the co-signers, it is always a hideously bad idea to co-sign a loan for someone.

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Realistically, unless it's a parent/child or a husband/wife situation, where there is some sort of firm legal bond between the co-signers, it is always a hideously bad idea to co-sign a loan for someone.

 

+1 to the Infinity!

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First thing I would do is stop disputing it every time it updates the status date comes current and it looks like a brand new collection in the eyes of Fico. In other words your score cant recover. Short of getting a goodwill deletion its around till it drops at the 7 year mark from the DoFD. A very hard lesson learned in deed. Good luck on your goodwill efforts. :)

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Hell no.

 

 

Depends on the relationship, I guess. I have a cosigned private student loan. I've never missed a payment. It's now sitting at 1.5% interest and I should be able to release my dad as a cosigner very soon. (Need 48 consecutive months of on-time payments, which I'm about to hit.)

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Hell no.

 

 

Depends on the relationship, I guess. I have a cosigned private student loan. I've never missed a payment. It's now sitting at 1.5% interest and I should be able to release my dad as a cosigner very soon. (Need 48 consecutive months of on-time payments, which I'm about to hit.)

 

Of course, you would say that... You were on the receiving end :grin:

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My mom co-signed for my son's car. He paid on time for the first year. Got out of the Army and couldn't afford the payments. My mom and I made ALL the remaining payments. :angry:

 

NEVER co-sign for ANYONE!

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My mom co-signed for my son's car. He paid on time for the first year. Got out of the Army and couldn't afford the payments. My mom and I made ALL the remaining payments. :angry:

 

NEVER co-sign for ANYONE!

 

GRRRRR! :aggressive: Is your son now blacklisted at the Bank of Grandma?

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