Credit Report

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ash0117
Posts: 246
Joined: Tue Jun 28, 2011 10:10 pm

Credit Report

Postby ash0117 » Fri Dec 23, 2011 3:28 pm

Hello all,

I apologize if I am posting in the wrong forum. I also apologize if I sound like a raving lunatic (the law school application process has got me on edge, as I am sure it has done to many of you).

I have just checked all three of my credit reports to make sure everything is okay before I begin the loan process for Fall. Anyhow, I found something under "negative accounts" that is worrying me.

When I was 18, I opened a Care Credit account to get some dental work done. My dad co-signed and we were assured that he was NOT on the account, simply a co-signer. Long story short, my dad had to file for bankruptcy. Now, MY debt to Care Credit has been "charged-off" i.e. discharged in bankruptcy court. This is coming up as an adverse credit situation, and I do not know how this will affect loans or potentially C+F.

I am going to call the credit bureaus and file a complaint to try to get it worked out. Is there anything else I should do? Is this a big deal or am I totally paranoid?

User avatar
Ludo!
Posts: 4764
Joined: Wed Nov 09, 2011 1:22 pm

Re: Credit Report

Postby Ludo! » Fri Dec 23, 2011 3:33 pm

Its pretty hard to get denied for gradplus loans. My credit was terrible and full of all sorts of negative stuff and I still got approved. They're usually only looking for stuff like student loans currently in default. You're not going to get dinged for one negative thing on your credit report.

ash0117
Posts: 246
Joined: Tue Jun 28, 2011 10:10 pm

Re: Credit Report

Postby ash0117 » Fri Dec 23, 2011 3:41 pm

Thanks for calming my nerves.

I think I'm just on edge knowing that I won't hear from any more schools for a while because of the holidays. And I just graduated, so I have WAY too much time on my hands to think about this stuff.

wannabejag
Posts: 74
Joined: Sat Oct 15, 2011 10:48 pm

Re: Credit Report

Postby wannabejag » Fri Dec 23, 2011 4:52 pm

ash0117 wrote:Hello all,

I apologize if I am posting in the wrong forum. I also apologize if I sound like a raving lunatic (the law school application process has got me on edge, as I am sure it has done to many of you).

I have just checked all three of my credit reports to make sure everything is okay before I begin the loan process for Fall. Anyhow, I found something under "negative accounts" that is worrying me.

When I was 18, I opened a Care Credit account to get some dental work done. My dad co-signed and we were assured that he was NOT on the account, simply a co-signer. Long story short, my dad had to file for bankruptcy. Now, MY debt to Care Credit has been "charged-off" i.e. discharged in bankruptcy court. This is coming up as an adverse credit situation, and I do not know how this will affect loans or potentially C+F.

I am going to call the credit bureaus and file a complaint to try to get it worked out. Is there anything else I should do? Is this a big deal or am I totally paranoid?


1. Do not ever call creditors or the credit bureaus, always do everything in writing.

2. There is no such thing as "co-signing but not on the account". If you sign, you are on it.

3. Dispute it. Dispute the crap out of it. Dispute it over and over and over. However, when doing so only dispute it as an "item verify request". Do not give ANY specifics, do not tell ANY stories about why. A simple letter asking the bureaus to "verify the item" is all you need. It is the responsibility of the credit bureaus to verify items on request in accordance with the FCRA, Most accounts, even legit accounts that are yours, even public records will be deleted because they are unable to verify the request. Ive done it, others have done it. It doesn't ALWAYS work, but more times then not.

4. If you try to get cute and "explain yourself", you probably just gave them enough information to claim the debt, it is now verified, and isnt going away.

Good Luck with it.

User avatar
cynthia rose
Posts: 203
Joined: Mon Jun 07, 2010 11:42 pm

Re: Credit Report

Postby cynthia rose » Fri Dec 23, 2011 5:22 pm

wannabejag's post is credited.

Also, just so you know, Grad Plus ONLY looks at your Equifax report, so that is the only report you should be concerned about. They do not look at TransUnion or Experian.

If you have any other specific questions search the Financial Aid forum. Also, this is a really good thread about Grad Plus loans and resolving problems on your credit report. The thread's some months old but I don't think anyone would mind if you bump it to ask a question.

ash0117
Posts: 246
Joined: Tue Jun 28, 2011 10:10 pm

Re: Credit Report

Postby ash0117 » Fri Dec 23, 2011 6:27 pm

Thanks, everyone! I appreciate the advice. I will definitely do as you all said!

ash0117
Posts: 246
Joined: Tue Jun 28, 2011 10:10 pm

Re: Credit Report

Postby ash0117 » Fri Dec 23, 2011 6:28 pm

.
Last edited by ash0117 on Fri Dec 23, 2011 6:30 pm, edited 1 time in total.

ash0117
Posts: 246
Joined: Tue Jun 28, 2011 10:10 pm

Re: Credit Report

Postby ash0117 » Fri Dec 23, 2011 6:30 pm

wannabejag wrote:
ash0117 wrote:Hello all,

I apologize if I am posting in the wrong forum. I also apologize if I sound like a raving lunatic (the law school application process has got me on edge, as I am sure it has done to many of you).

I have just checked all three of my credit reports to make sure everything is okay before I begin the loan process for Fall. Anyhow, I found something under "negative accounts" that is worrying me.

When I was 18, I opened a Care Credit account to get some dental work done. My dad co-signed and we were assured that he was NOT on the account, simply a co-signer. Long story short, my dad had to file for bankruptcy. Now, MY debt to Care Credit has been "charged-off" i.e. discharged in bankruptcy court. This is coming up as an adverse credit situation, and I do not know how this will affect loans or potentially C+F.

I am going to call the credit bureaus and file a complaint to try to get it worked out. Is there anything else I should do? Is this a big deal or am I totally paranoid?


1. Do not ever call creditors or the credit bureaus, always do everything in writing.

2. There is no such thing as "co-signing but not on the account". If you sign, you are on it.

3. Dispute it. Dispute the crap out of it. Dispute it over and over and over. However, when doing so only dispute it as an "item verify request". Do not give ANY specifics, do not tell ANY stories about why. A simple letter asking the bureaus to "verify the item" is all you need. It is the responsibility of the credit bureaus to verify items on request in accordance with the FCRA, Most accounts, even legit accounts that are yours, even public records will be deleted because they are unable to verify the request. Ive done it, others have done it. It doesn't ALWAYS work, but more times then not.

4. If you try to get cute and "explain yourself", you probably just gave them enough information to claim the debt, it is now verified, and isnt going away.

Good Luck with it.


Yeah, I learned that lesson. Thanks for the advice.




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