How do I fix my credit report for a charge account I am a cosigner of?

Question

I cosigned a credit card loan for my brother. He racked up thousands and stopped paying over a year ago. The debt is already charged off. He is working with a credit counselor to resolve the debt but its going to be awhile. I'm wondering if maybe a "consumer statement" will help. There is nothing that indicates that it isn't actually my account. Any advice on wording a credit report consumer statement?

Answer 1

You could do the statement. However, most creditors don't bother to read those statements. The ding of that charged off account is going to stay on your credit report for 7 years.

Answer 2

you can add a 100 word statement to your credit report to explain the situation. Not sure if that would help but may be worth a shot.
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Date



Credit Bureau Name
Credit Bureau Address
City, State ZIP

RE: Credit Report # (if available):
Name:
Address:
Social Security Number:
Date of Birth:

To Whom It May Concern:

Please include the following statement in my credit file.

Example:

From April 2004 to October 2004, I was out of work due to illness and was unable to meet all my financial obligations. After prioritizing my expenses, I was forced to pay less than the required amount to my unsecured creditors. When I returned to work, I made arrangements with the creditors, became current, and continued to pay my obligations. Thank you for understanding.

Sincerely,



Your Name
Your Address
City, State ZIP
Your Phone

Answer 3

First of all, I apologize for the inconvenience. Since the beginning of this particular loan, has this credit card always come to "His" home address or yours?

Next, Have you used this account for any personal/purchases or emergencies yourself?

The point is to try to establish financial separation of your brother and yourself. Does this help? More questions? www.geocities.com/jai_raq_emporium or ask me on 360yahoo

Answer 4

it will not matter
because you co signed
and he screwed up
it's just he same as if you signed and screwed up
you were the guarantor of the debt in the event of non payment
and hence you credit record is attached to the debt same as his

hence why you NEVER co sign for anyone
like the other said it on your records for 7 years
even if the debt is paid off
the negative but accurate ( meaning true ) information stays

Answer 5

statements generally make you look irresponsible and shouldnt be done!

you need to dispute the account with the credit bureaus..

hopefully it will come off, and it can take about 30days or you can go to those credit repair companies to do it for you.