Well my roommate, Billy has a problem. About a year ago he went to get a loan to buy a condo, and the loan guy laughed at him. Apparently his credit was in the 300's, he was filing for bankruptcy and was getting sued. Turns out him and his dad have the same name, only he is the 2nd, share the same mailing address, and bank. so all of his parents shit ended up on his credit. He tried writing credit companies, with no luck. what can he do. hes getting gouged on his truck loan, 18% interest. any ideas where to start. i know a few of you have had credit problems. I told him to start off changing his address and getting a new bank.
You can dispute anything incorrectly reported on your credit report by contacting the reporting agency(agencies) involved. (Experian, Equifax and Trans Union).
i don't see how he can be in the 300s and have "only" 18% interest. back when I had a loan, I was 575 or so and hadn't had anything negative in a couple years and still had 21% interest. how quickly i sold off that car and now I"m thrilled to just pay cash and own stuff outright. anyways, it should be "easy" to dispute unless his parents used his social security number. if they did, that will be a tough thing to prove I would think. but yes, he needs to change his address, change banks, hell maybe even change names.
You guy's are rediculous. I am a Jr. and have had some issues with the name thing but ended up getting them fixed (credit card wise). I bank at the same bank my parents do and havent had any issues. I have well above 750 credit (close to 800). I check my credit report on a monthly basis and have two credit cards. If you pay off your credit card each month it shouldn't matter what the apr is. Have him get a report, fix any issues, call the banks and make sure they're under the right social security/name. This isn't rocket science. Get a secured card if he has shit credit. Now when I check my credit report the only thing that pops up are my only two active cards (bofa/amex)
ya apr doesn't matter on credits cards if you pay them off in full. I have two cards that i just put bills on and pay off in full so i could care less. but as far as auto loans go, the interest makes a massive difference. But, yes, in theory, it should be relatively simple to fix his issues, I was just saying to go even an extra step or two to make sure it doesn't happen again. It sounds like his parents probably used his credit for them purposely, not by accident. wiskas, I hate the credit industry too but it affects so much stuff. i don't want credit cards and don't want to use credit but I am a little to get my score up so my auto insurance rates aren't as high and other things. Buying a house is almost impossible without a loan too. I can save up to pay cash for my vehicles (especially since I only buy older ones) but no way I could save up $400k in cash for a house.
I trust him with my life. Ill have him pull up a credit report, I don't know if his parents were using his ssn number, his dad is pretty cool so i hope he wouldn't do that. I think hes going out to change banks today and his addy
