Aaaarrrrgghhhh - Chicagoland Sportbikes
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post #1 of 10 (permalink) Old 12-02-2002, 06:50 PM Thread Starter
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Aaaarrrrgghhhh

Man I am HOT right now..... stupid Trans Union credit reporting agency

So I co-signed on a computer for my best friend way back in 1995. His dad was a prick, we were both entering college, and he needed a PC. I had been his best friend since 6th grade, so I figured I'd help him out. So not too far into his 2nd semester, he gets into the hip, cool, drug scene. Now I am VERY MUCH against drugs, of any kind. And he was into just about it all - tho his main forte was acid, and the occasional weed joint. I quit talking to him, all he wanted to do was trip and listen to music.

Well, the FUCKER quit paying the account. So, about 2 years ago, I get a phone call, stating the account is delinquent, yadda yadda yadda. I had JUST gotten my job at Mot, hadn't spent my sign-on bonus yet, so I just paid the account off, right then and there. Didn't want to deal with it. The collection agency LOVED it, sent me a letter thanking me for dealing with it so quickly, etc. I even got the general manager's number, so if I ever had problems, to just call him directly. He said that everything will be removed from my credit report, etc.

And it was removed - from everybody EXCEPT Trans Unions. And guess who uses Trans Union?!?! Fucking EVERYBODY. Figures. I have been fighting with TU for 2 years now to clean my shit up... and they haven't done it.

So I just applied online to refi my house... it pulls up my credit report... and WHAMMO... they're still reporting it as UNPAID!!!!

I am going to have to make a VERY unhappy phone call to the agency tomorrow... AGAIN...

The lesson to be learned here is: don't EVER cosign for ANYONE, no matter HOW MUCH you think you know them!!!!! It will SCREW you for YEARS TO COME!!!!

Jim Ptak
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post #2 of 10 (permalink) Old 12-02-2002, 06:55 PM
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Re: Aaaarrrrgghhhh

Quote:
Originally posted by OmniGLH
Man I am HOT right now..... stupid Trans Union credit reporting agency

So I co-signed on a computer for my best friend way back in 1995. His dad was a prick, we were both entering college, and he needed a PC. I had been his best friend since 6th grade, so I figured I'd help him out. So not too far into his 2nd semester, he gets into the hip, cool, drug scene. Now I am VERY MUCH against drugs, of any kind. And he was into just about it all - tho his main forte was acid, and the occasional weed joint. I quit talking to him, all he wanted to do was trip and listen to music.

Well, the FUCKER quit paying the account. So, about 2 years ago, I get a phone call, stating the account is delinquent, yadda yadda yadda. I had JUST gotten my job at Mot, hadn't spent my sign-on bonus yet, so I just paid the account off, right then and there. Didn't want to deal with it. The collection agency LOVED it, sent me a letter thanking me for dealing with it so quickly, etc. I even got the general manager's number, so if I ever had problems, to just call him directly. He said that everything will be removed from my credit report, etc.

And it was removed - from everybody EXCEPT Trans Unions. And guess who uses Trans Union?!?! Fucking EVERYBODY. Figures. I have been fighting with TU for 2 years now to clean my shit up... and they haven't done it.

So I just applied online to refi my house... it pulls up my credit report... and WHAMMO... they're still reporting it as UNPAID!!!!

I am going to have to make a VERY unhappy phone call to the agency tomorrow... AGAIN...

The lesson to be learned here is: don't EVER cosign for ANYONE, no matter HOW MUCH you think you know them!!!!! It will SCREW you for YEARS TO COME!!!!
That just sucks. And whats worst is a company with that much power. Does it have to report to anyone? Can it be held accountable? Or are they just free to update their records whenever they feel like it?
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post #3 of 10 (permalink) Old 12-02-2002, 07:02 PM
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dude, i had the same thing happen to me with my ex-fiance. All i had to do was give them a reason for why it was there and what i did to rectify it. they where satisfied. it is now off my record. I can only hope you got some sort of reciept for the paymet (cashed checks work if that is how you payed it off or the letter they sent you?) Anyhow this shouldnt affect your refi, just need to explain it in writting.

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post #4 of 10 (permalink) Old 12-02-2002, 07:07 PM
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they can and will clear it up, they can do what they call a bullseye
which means they electronically tell them to delete that account.
usually if anyone has to deal with a collection account, it is the best interest of that person to get in writing that they will, delete the account entirely from all credit reporting agencies
they can and will do this if an amount is reached and a written agreement is issued.
If they fail to comply you can sue, there is even places that offer free assistance for these kind of issues.



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post #5 of 10 (permalink) Old 12-02-2002, 07:15 PM Thread Starter
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Yeah I have rec'ts and cancelled checks. I have a signed letter from the collection agency as well. Every time I've dealt with this, I've just gone to my contact at the collection agency, figuring he could do more than I could. This time, I'm just going straight to the agency themselves. This f-ing SUCKS. I had to deal with this a year ago when I applied for my house. Once I showed my broker the letter, it was all good, they just ignored the "unpaid" account. So I know I can get around it with the refi - it's just a major PAIN to have to put a litttle * next to it, with a 2 paragraph long explanation.

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post #6 of 10 (permalink) Old 12-02-2002, 09:17 PM
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Under the law, there is supposed to be a procedure for you to challenge the bad credit rating, just like Ken said. You sound like you have all the necessary ammo.

BTW - did you or some relative live on Sayre Ave. in Harwood Heights? There was a Ptak family that lived there and one of the sons used to rent my uncle's garage for his Camaro.

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post #7 of 10 (permalink) Old 12-02-2002, 09:38 PM
Who's faster Lupi
 
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I ran into something similar except that my dad and I have the same names and my credit got mixed up with his since they dont look at SSN numbers. Problem I had is the company reporting bad credit on me is defunct and I cannot get anything from them. Good part is its easy to prove that it is hard for me to have bad credit when I was 2 years old. I just prgot to pay that credit card. But it is still on my credit rating.

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post #8 of 10 (permalink) Old 12-03-2002, 10:48 AM Thread Starter
Grand Master Crash
 
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Quote:
Originally posted by Norseman82
BTW - did you or some relative live on Sayre Ave. in Harwood Heights? There was a Ptak family that lived there and one of the sons used to rent my uncle's garage for his Camaro.
Uhhh.... nope My end of the Ptak family lives in either Woodstock, IL or Poland

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post #9 of 10 (permalink) Old 12-03-2002, 11:19 AM
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Due to my part-time side business of buying (financing via mortgages) and selling real estate, I have had to become a credit report subject matter expert...

1. Something like 95 % of all of our credit reports are inaccurate. The three credit bureaus use retarded, high school drop-outs to do manual data entry (for the personal info, like name, address, SSN). Even when you are not looking for a loan, a person should look at their credit reports EVERY six months. That way you can check inaccuracies and also catch unauthorized credit report checks which after three checks in a six month period will lower you credit score 10 points for every credit check, starting with the fourth check. Taking a glance at your credit report will also clue you in, if someone is trying to clone your identity.

What sucks is that you have to check out your info three times, for all three credit bureaus.

2. Calling and emailing is fast and quick, but the written word is best!...Write a letter describing the item that you found to be in question/inaccurate, the reporting agency has thirty days to response. If they don't, that negative line item is then wiped from your report.

The addresses are...

Equifax Credit Information Services LLC
P.O. Box 740256
Atlanta, GA 30374

Experian
P.O. Box 2002
Allen, TX 75013

TransUnion
P.O. Box 2000
Chester, PA 19022


3. The bad news...The credit bureaus do a "refresh" every month, so it will take over a month, to get that negative line item off your report.

4. Personal commentary...all this credit bureau(s) crap is a cartel in my opinion and I hate playing around with these fuckers, but if you want the loan you have to play the game.

Also. a quick fix might be to write a letter explaining the situation to your potential lender, but if your score is still coming up below 650, your going to have a rough time, but the re-fi is still possible.

Good luck.

-- Matthew --

"I'm just a simple man trying to make his way in the Universe" - Jango Fett

Last edited by MrBusa; 12-03-2002 at 04:13 PM.
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post #10 of 10 (permalink) Old 12-03-2002, 02:53 PM Thread Starter
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Thanks Matthew.

I am certainly learning the HARD way about credit. As it turns out, Equifax is ALSO still reporting things incorrectly (even tho I was positive they were correct the last time I checked.) Experian is the only one that is correct so far... and there is a solid 50 points between their score, and the two incorrect ones

I've filed disputes with both of them - hopefully they'll be cleared up. In the meantime, I'm stuck being in the "special" category for credit I tell ya, after spending all morning going over all of this, it puts more things into perspective. The streetbike is DEFINITELY going next year, no doubt about it. Racing may not be as frequent as I had hoped either, depending on how sponsors go. I want to dial back a bit now, and maintain... I'll be happier for it later.

In the meantime - stupid, stupid, STUPID! Never EVER cosign...

Jim Ptak
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