Situation: I went to a college in NYC in 2002. I enrolled in September, left by October. I had gotten a loan from Bank of America for part of my tuition. When I left the college I cancelled the loan, therefore the school never got the money. However, the school wants the 14K even though I wasn't even there for a semester. When I dropped out the only thing I ever signed was a Withdrawl Form which has nothing regarding being responsible if I left, etc. Is there any way of putting the burden on the college to prove that I do have to pay and dispute this in my credit report, etc?
2007-02-14 10:38:28 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
And since this is a debt owed to an institution, not a student loan, etc...Is there any Statue of Limitations?
2007-02-14 10:47:35 · update #1
Also note that I have not heard from the collection agency in years.
2007-02-14 10:56:33 · update #2
Also. On my credit report is states that the Date of 1st Delinquency was 09/2002. However, I was attending school in 09/2002 and didn't leave till 10/09/2002. Does that make sense?
2007-02-14 11:07:53 · update #3
What To Do If There Are Inaccuracies On Your Credit Report: (excellent article)
2007-02-15 17:08:43 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm thinking that just because you dropped out one month later that they may be able to hold you liable for the entire semester even though you weren't there. Its kind of like booking a seat on an airline and then not showing up to take the flight. They will NOT refund the money. Of course I don't know this for sure, but this is what I believe to be the case. I've had experience looking up and correcting information on my credit file. I know how to get things removed and how it works. Generally speaking items stay on your credit report for 7 years... Since this was 2002 just think, you've only got 2 1/2 more years to go before the credit agencies MUST remove this debt from their records. Most creditors look at debts that are 3 years old or younger to determine how you pay your bills and what they can expect by extending credit to you. They want to know "How does Johnny pay his bills now" Not, "What silly thing did Johnny do in college" Also, there is such a thing as good debt and bad debt. A debt owed to a college for education is considered a good debt. A department store charge card owed to Macy's is considered a bad debt. This is a good debt because you went in to debt in order to better yourself and increase your lifetime earning potential (thus being a better consumer with more money) A bad debt, like the Macy's charge account I just mentioned, means you are likely to spend spend spend on sweaters and at the makeup counter.
Of course we all want to pay our debts and be good and responsible consumers. Sometimes, however, the worst thing you can do is start digging up old debts on your credit report (that are going to expire soon) and start paying them off. Because if you fall into arrears on your new payment arrangement, the debt can then be re-reported again and can stay on your credit even longer.
Under the Fair Credit Reporting Act you have the right to dispute this. The college must respond to your dispute within 30 days or they MUST remove this debt from your credit file. Your best way to do this is by writing to Equifax, TransUnion or Experian and explain to them why you think this debt is not valid or that you need more information concerning this debt. The motley fool is an excellent place to go for more information (www.fool.com) and also by googling "disputing credit report" you will yield a wealth of information. Good Luck.
2007-02-14 19:29:02 · answer #2 · answered by Brian C 2 · 0⤊ 0⤋
I had a similar situation but in only 1 class...The college required me to go to the instructor to verify I had not been in attendance. I got her signature and they corrected the records.
Why not try to obtain your attendance record? Of course there won't be one because you weren't there... proving your point. Then submit this info to the credit agencies.
2007-02-14 18:46:59 · answer #3 · answered by Cher 4 · 0⤊ 0⤋
I don't know how you would handle your situation. I would probably talk to a lawyer. However fighting to get things off of your credit report is tough to do. I had some things on mine as soon as I turned 18 and had to threaten to sue to get it off. Good luck with your credit.
2007-02-14 18:45:21 · answer #4 · answered by Jeremy G 4 · 0⤊ 0⤋
You owe the school that money. A withdrawal doesn't mean that you never signed up. It just means you didn't finish the class.
ST
2007-02-14 19:08:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋
if you want your credit report restored this site is great
2007-02-14 19:09:56 · answer #6 · answered by Jame B 1 · 0⤊ 1⤋