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Dear Terry,
Six years ago, I co-signed for a relative on a brand new automobile. The relative agreed to make all the payments on the vehicle, but moved out of state after six months, took the vehicle and subsequently stopped making the payments.
Eventually, the creditor came after
me for the money. I tried to get the relative
to return the vehicle but was unsuccessful. Shortly
afterward, the vehicle was totaled in an accident
and the creditors have been harassing me for the
money ever since.
My relative filed for bankruptcy just
before the accident and a charge off has been
on my credit report for the past six years. How
do I remove this from my credit report? The amount
is well over $16,000, and I don't have that kind
of money. My relative has virtually disappeared
underground and has left me with the bill. What
can I do?
-- Clint
Dear Clint,
Generally, bad debts remain on your credit report for at least five years. You should contact the credit reporting agencies to see if the default can be removed.
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