Legal Question in Credit and Debt Law in Massachusetts
cosigned car loan
I cosigned a car loan for my daughter a year and 3 months ago. 2 months agao a pulled my credit report and found out she was 60 days pastdue for 5 months. I immediatly had my daughter start paying the payment to me have been making payments consitantly for the past three months. I notifyed the creditor and asked why I was not notified, I found out that they did not have my correct address. Is there any way I can get this removed from my credit? How long will it take to come off my credit report if I keep making payments ontime? It's a 5 year loan and I was told at the time of purchase my name can come off after two years. Is that possible since she showed late payments?
2 Answers from Attorneys
Re: cosigned car loan
The rules regarding the deletion or correction of inaccurate information on one's credit report are governed by the Fair Credit Reporting Act ( 15 USC 1681 et seq.). The procedures are complex and horribly drafted. Generally, you can dispute inaccurate information with a Credit Reporting Agency (CRA). If you tell a CRA that your file contains inaccurate information, the CRA must reinvestigate the items (usually within 30 days) unless your dispute is frivolous. The CRA must pass along to its source all relevant information you provided. The CRA also must supply you with written results of the investigation and a copy of your report, if it has changed. If an item is altered or deleted because you dispute it, the CRA cannot place it back in your file unless the source of the information verifies its accuracy and completeness, and the CRA provides you a written notice that includes the name, address and phone number of the source. Please feel free to contact my office for a free initial consult based on the facts of your specific situation.;))
Re: cosigned car loan
The rules regarding the deletion or correction of inaccurate information on one's credit report are governed by the Fair Credit Reporting Act ( 15 USC 1681 et seq.). The procedures are complex and horribly drafted. Generally, you can dispute inaccurate information with a Credit Reporting Agency (CRA). If you tell a CRA that your file contains inaccurate information, the CRA must reinvestigate the items (usually within 30 days) unless your dispute is frivolous. The CRA must pass along to its source all relevant information you provided. The CRA also must supply you with written results of the investigation and a copy of your report, if it has changed. If an item is altered or deleted because you dispute it, the CRA cannot place it back in your file unless the source of the information verifies its accuracy and completeness, and the CRA provides you a written notice that includes the name, address and phone number of the source. Please feel free to contact my office for a free initial consult based on the facts of your specific situation.;))
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