My credit has always been excellent until I allowed my child to mortgage my home that I have lived in for 40 years so that she could pay off her bills. She agreed to make the payments on time, but failed to do that and also missed several payments without my knowledge and I just about lost my home. I need to know how to get this off my credit report now that I am making the payments on time and will never miss any payments.
2007-10-12 09:52:56 · 11 answers · asked by Tootle 1 in Business & Finance ➔ Credit
Sorry to have to tell you this but as long as the information is correct it will continue to show on your report for 7-years.
There is no way for you to remove it. Your only option would be to contact the lender and plead with them to delete it.
2007-10-12 10:03:23 · answer #1 · answered by ? 7 · 2⤊ 1⤋
There is no way to get if off your credit until the 7 year limit on bad credit information is up. Unfortunately, you're the one that was responsible for the payments that were not made and the credit bureaus have an obligation to report this.
Try to look at it this way- Say a good friend of your's asked you for a loan. Your friend has borrowed money from you before and always paid you back, so you don't ask what it is for. Suddenly, that friend doesn't pay back the money like they agreed to. When you ask them about it, they say that they were actually borrowing the money for their brother and it was his job to pay you back, not their's, and they don't want you to hold the fact that their brother didn't pay you back against -them-
Doesn't make much sense looking at it from the other side, huh?
2007-10-12 12:02:15 · answer #2 · answered by Vadalia 4 · 0⤊ 0⤋
You are not the first one who suffer without any intention. I do not no any legal base upon which you can take these records off. Only time and responsible managing of your credit accounts will help you. If you are not looking for a credit advance in nearest future, then you will be much better of in a year from now. In the mean time enjoy your life and try to avoid any new debts. We all learn through our mistakes. Good luck,
2007-10-12 10:11:40 · answer #3 · answered by roginad 3 · 1⤊ 0⤋
First of all, your daughter is obviously irresponsible. You shouldn't loan out your credit to anyone. If no responsible financial institution would extend credit to her, why would you? Knowing she had a horrible credit history, you allowed her to potentially financially ruin you?
You must now face the consequences - you have now demonstrated you are a high credit risk and deserve your lowered credit score. You are a high credit risk because you are willing to loan out your credit and good name. This is dangerous information for lenders to have. It shows you lack good judgement. Unfortunately, you will have a long road ahead to rebuild your credit. Take my advice: let your daughter learn in the school of hard knocks, as you will now also be doing.
2007-10-12 09:57:16 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Dave Ramsey's rule about relatives and money is NEVER lend to a relative!
Are YOUR bills paid? Is the bank foreclosing on your property because of your kids willingness to screw you over?
Contact a lawyer, to have the wages garnished from the "CHILD.. "
Is she a drunk? or a shopping junkie?
Stop enabling. Don't do it again, ever. Check out
http://www.daveramsey.com and look for a FPU class in your area. Inform your daughter she will attend the class and complete it.
2007-10-12 10:12:06 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You can't remove it, it is your credit. The money was actually loaned to you, and you gave it to your daughter. The payments are legally yours, not hers, the bank does not care if she was supposed to make the payment in your mind. Legally this is your loan, not hers.
2007-10-12 11:42:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Do you have some documentation that you paid your daughter's debts and she is suppose to repay? You might consider suing her for defaulting on your agreement. Maybe you can get a judgment and garnish her wages.
2007-10-12 12:05:11 · answer #7 · answered by bdancer222 7 · 0⤊ 0⤋
sorry, your credit, your report, work hard and 7 to 10 years you can clear it off your credit report.
2007-10-12 10:01:30 · answer #8 · answered by Jan Luv 7 · 1⤊ 1⤋
Nothing you can do, You child screwed you over. I would be really angry with myself if I were you. You knew she was irresponsible but you did this anyway. Sorry, it will take years.
2007-10-12 11:44:34 · answer #9 · answered by frankie b 5 · 0⤊ 0⤋
Hi, what did she do with the money from the re-mortgage? She did not pay her bills!. You urgently need a lawyers advice. Make an appointment with citizens advice tomorrow.. regards alan. ps if you need further help please e-mail me.
2007-10-12 10:24:51 · answer #10 · answered by naplusultra 4 · 0⤊ 1⤋