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mzkatdoesnails

Responsible party terminated

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Gm hello cb family I need help!

I co signed for a car for someone and they filed bankruptcy after three years of having the car. Once they filed bankruptcy the judge terminated my rights. However it still reports on my credit as a collection debt. It says responsibility terminated with no balance. I have disputed it as not mine. They sent me a payment history print out saying it is mine. Are they still suppose to be reporting this under my name? Can I get this off my Credit now or I have to wait till it fall off next June?

 

 

 

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When you co-sign, it's yours. All the responsibility with none of the perks. As to whether you can get it removed - stay tuned. Someone smarter than me should be able to assist.

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As a co-signer in this situation, the negative implications can exist. HOWEVER...they cannot report it as a bankruptcy where the co-signer was not a party TO the bankruptcy. There also exists an argument that the co-signer should have been included in the matrix that went to the BK court AND the co-signer should have had the ability to retain the vehicle (after which it could have been disposed of through a sale).

 

Co-signing is VERY different from being on an account as an authorized user/borrower.

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Gm hello cb family I need help!

I co signed for a car for someone and they filed bankruptcy after three years of having the car. Once they filed bankruptcy the judge terminated my rights. However it still reports on my credit as a collection debt. It says responsibility terminated with no balance. I have disputed it as not mine. They sent me a payment history print out saying it is mine. Are they still suppose to be reporting this under my name? Can I get this off my Credit now or I have to wait till it fall off next June?

 

 

 

Sent from my iPhone using Tapatalk

 

NEVER USE THE " NOT MINE " DISPUTE WHEN YOU ARE IN FACT, ASSOCIATED WITH THE ACCOUNT AS THIS IT UNDERMINES YOUR CREDIBILITY.

 

"NOT MINE" DISPUTES SHOULD BE RESERVED FOR MIXED FILE DISPUTES

 

( FWIW , ID THEFT ACCOUNTS SHOULD NOT BE DISPUTED THRU STD FCRA DISPUTE PROCESS, SEE PINNED TOPICS IN ID THEFT FORUM)

 

 

FROM THE CDIA MANUAL

 

18. Question: How should a consumer’s association with an existing account be terminated?

 

Answer: Report T in the ECOA Code field (Base Segment Field 37, J1/J2 Segment Field 10) in the segment containing the consumer for whom the association is to be terminated. All payment history for this account will be retained. Do not report this consumer in subsequent reporting periods.

 

 

 

(B) What is the difference between ECOA Codes T (Association with Account Terminated) and Z (Delete Consumer)?

 

Answer: ECOA Code ‘T’ should be reported when a consumer is no longer associated with an account. In subsequent reporting periods, this consumer should not be reported. The account, including payment history reported prior to the termination will be retained, but future updates will not be applied to the account for this consumer

 

 

My Answer to the CRA/ OC would be

 

the account should not be continually reported as " Collection Account " because there is nothing to collect as it is $0 Balance and My responsibility was terminated.

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Gm hello cb family I need help!

I co signed for a car for someone and they filed bankruptcy after three years of having the car. Once they filed bankruptcy the judge terminated my rights. However it still reports on my credit as a collection debt. It says responsibility terminated with no balance. I have disputed it as not mine. They sent me a payment history print out saying it is mine. Are they still suppose to be reporting this under my name? Can I get this off my Credit now or I have to wait till it fall off next June?

 

 

 

Sent from my iPhone using Tapatalk

NEVER USE THE " NOT MINE " DISPUTE WHEN YOU ARE IN FACT, ASSOCIATED WITH THE ACCOUNT AS THIS IT UNDERMINES YOUR CREDIBILITY.

 

"NOT MINE" DISPUTES SHOULD BE RESERVED FOR MIXED FILE DISPUTES

 

( FWIW , ID THEFT ACCOUNTS SHOULD NOT BE DISPUTED THRU STD FCRA DISPUTE PROCESS, SEE PINNED TOPICS IN ID THEFT FORUM)

 

 

FROM THE CDIA MANUAL

 

18. Question: How should a consumer’s association with an existing account be terminated?

 

Answer: Report T in the ECOA Code field (Base Segment Field 37, J1/J2 Segment Field 10) in the segment containing the consumer for whom the association is to be terminated. All payment history for this account will be retained. Do not report this consumer in subsequent reporting periods.

 

 

 

(B) What is the difference between ECOA Codes T (Association with Account Terminated) and Z (Delete Consumer)?

 

Answer: ECOA Code ‘T’ should be reported when a consumer is no longer associated with an account. In subsequent reporting periods, this consumer should not be reported. The account, including payment history reported prior to the termination will be retained, but future updates will not be applied to the account for this consumer

 

 

My Answer to the CRA/ OC would be

 

the account should not be continually reported as " Collection Account " because there is nothing to collect as it is $0 Balance and My responsibility was terminated.

♀️oh dang I messed that up.. ok Thanks for the response I’ll do that

 

 

Sent from my iPhone using Tapatalk

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