my credit score is about to get whacked... suggestions?

Question

a business card that I undersigned was used by the mgmt and they ran up $20k in debt illegally. I've repeatedly written to the bank saying it wasn't me, but they're a nightmare, even though the company lawyer wrote them saying it wasn't me. First their fraud people said it was fixed, then client svcs says i have to pay it and now they're telling me my credit will get whacked. is it worth paying it (in installments) so it doesn't dog me for life? or should i take the hit and rely on one of those services to fix it? can I sue the mgmt?? Any suggestions? help!!!

Answer 1

You have to make at least the minimum payment to keep the card current if you did use the card for purchases. Yes, if you haven't paid it, your credit will get whacked. And if fraud is proven, your will be credited the monies paid.

The burden of proof falls with the credit card company to prove that you DID make those purchases at this point in the game as you have stated you HAVE NOT. If you know who did, give their names up to the police in the police report and to the fraud team at the CC company. Don't hide anything and admit to what you did purchase.

I would also get a lawyer and sue the company or individuals if the company isn't reimbursing you for the charges made by the management. I don't understand how they got your card and did this - something is missing in your story.

The credit card fixing services won't do crap except take your money. The don't do more than what you have done in talking with the CC reps. You will have to take this higher within the CC company for results.

And Moon, SS administration has nothing to do with this, nor will they get involved. They don't do credit anything!!!

Answer 2

1st, those "services" don't fix anything...ever. That's a huge scam.

2nd, if your credit takes a hit, it will only be one negative which you have documentation for, so if it's not your debt, don't pay it!
The second you start paying on it, you own it, that's implied liability and you've lost any chance of getting out from under it.

3rd, you have the right to go to all 3 credit bureaus on line, it's dead easy, and dispute the debt. They will then contact the bank asking for validation of the account. Totally free. Once you get that correspondence back, take all the paperwork you have to an attorney and ask what to do next.

AGAIN, DON'T PAY ANYTHING!!! Please, get to an attorney first to find out what your legal options really are. Most bankruptcy attorneys will also handle a debt issue like this one, if not ask the one you call who he would recommend to you.

Answer 3

The best way to protect your credit and your reputation from these scam artists is to file a police report (I'm not kidding), and then hire a lawyer. What they did is a crime, and you must report it to the police. You are entitled to protection under the law, but you need a lawyer to represent your interests. I'm sorry this happened to you, and I wish you the best.

Answer 4

I would talk to the social security administration about it. They are the ones that track your identity and should have an idea of where to go. I would also ask to speak to someone very high up at the bank. The average rep probably doesn't have the ability to resolve such a large issue.

Answer 5

The debt is not what will hurt your credit score, its missed payments. If they are not making the minimum payment, it might behoove you to pay that min. payment while it is being sorted out.

You may have to sue for damages-- the $20K-- to get their attention. Or sue them for fraud.

Answer 6

why?
20 k?
never...
i would sue first.

Answer 7

that sucks ***!!!!! sue them for it!!!!!