Legal Question in Credit and Debt Law in Maryland
Credit Rating Affected by Someone Else's Bankruptcy
My adult daughter filed for bankruptcy. I did not think this was a good idea, but she is grown. We had a joint account together (I co-signed for a loan for her). Her bankruptcy now appears as a negative entry on my personal credit history. I do not think this is fair, as I was not the one who filed for bankruptcy. How can I get this negative entry removed? The lawyer who handled her bankruptcy says it is not his responsibility that my credit was negatively affected by my daughter's bankruptcy.
2 Answers from Attorneys
Re: Credit Rating Affected by Someone Else's Bankruptcy
To address this, request a copy of your credit report from all three credit unions. You are allowed one credit report per year for free in Maryland.
Trans Union is 800-916-8800, Experian is 888-397-3742, and Equifax is 800-685-1111. After you get these reports, you can dispute any item appearing on
the report by following the instructions that come with the report. Make your protest to any disputed items on a credit report in writing, and send the corresponence to the credit reporting agency
via certified mail with return receipt requested. - Michael Worsham, [email protected]
Re: Credit Rating Affected by Someone Else's Bankruptcy
As a co-signer on the loan you are jointly and severally liable for the debt. If the debt payments were late or not paid, that information could validly be reported on your credit bureau, even though as between you and your daughter, she was supposed to make all the payments herself. If the credit bureaus rated you in such a way as to suggest that you filed for bankruptcy, then they should correct that as that would amount to Slander of Credit.
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