What does this mean???
Date: Wed, 09/16/2009 - 17:14
States... charged off $8500 written off.
What is this stating?
So your credit report shows an HSBC account that was for a auto
So your credit report shows an HSBC account that was for a auto for your son, correct?
If so, then what that means is that HSBC wrote off the balance of $8500, esentially "charging it off" as a bad debt....unfortnately, charged off/written off debt looks worse on a CR than delinquent debt does :(
It was for 2 dirt bikes, I was aware of the first one I cosigned
It was for 2 dirt bikes, I was aware of the first one I cosigned for but he bought a second one that I had no idea of till a year ago I went for a loan and found out about it....
So what are you saying my credit is screwed big time ? Is there still a balance due on this. Its been over 5 mths since the charge off still haven't heard anything on the debt, Im gonna *&*^@!@ my kid....
My credit score was tn the high 700s tonight it was 638.....
Send a dispute for the 2nd one to the credit bureau. Since you o
Send a dispute for the 2nd one to the credit bureau. Since you only co-signed for 1, state that strongly and demand that they immediately removed the fraudulently added 2nd one.
It depends on what you mean by "trouble". His credit is destroye
It depends on what you mean by "trouble". His credit is destroyed, he will have a hard time getting new credit - like a car or home loan, etc. etc. He may be sued in civil court and his wages attached. etc.
And, as I believed I mentioned on another thread where you were talking about the same subject, $8500 sounds grossly unfair and if you/he get sued you/he should be able to get that amount lowered drastically.
Unless, of course, the bikes were beat up so badly that one *could* reasonably expect to get only $2000 for them.
What is right is right and if you did not sign or cosign for the loan then it was fraudulently added to your report and needs to be removed ASAP.