Can someone help me with a Credit problem?

Question

I live in Wyoming and have been getting a notice from some collection agency in CA about a bill from Bank of America in the amount of $1000.00. I think this may be about a note I co-signed 16 years ago in Baltimore. Since then I have had a BoA checking/saving account also a credit card with no problems. I am worried about contacting these people because it may be a scam. Any Ideas or help would be appreciated. Thanks. PS after 16 years and never hearing anything am I still responsible?

Answer 1

Yes, you may be responsible but that's only if it is legit. Do some digging and call the three credit bureaus for help on finding out if it is legit. Good luck .

Answer 2

Bottom line, if after checking into this and you find out that it is yours, it is still to late for them to collect this debt.  You need to go on line to check out some out some of the info that can help you with this.  If it is not yours, it would have to be validated, and a cease and desist letter should stop this.  There is a statue of limitation for collecting debt, and this is way over the limit, way past time to collect.

Answer 3

This is so far past the statute of limitations there is nothing they can do to you except hound you.

Send them a certified letter return receipt requested asking them to validate this debt and to prove that it's not past the S.O.L. that should put a stop to it.

Answer 4

Call the number on the notice and see if it's what you co-signed for.  If it is, yep, you're still responsible, count it as a lesson learned and be glad it's not $10,000.00.

Don't give any personal information.  Sometimes collections will try calling every "Joe Johnson" in the phone book trying to find someone willing to pay the debt without looking into it, or hope to find who the debt really belongs to.  They sometimes don't even check SSNs.  Ask for the last 4 digits of the SSN of the person the debt belongs to.  If it's not yours, just say, "no, that's not me" and they'll leave you alone.  Once a collections agency has been told no or the person refuses to pay (maybe the item is in dispute), all they can do is go back to where the loan or debt originates (VISA, your bank, etc.) and tell them they've done all they can.

Answer 5

Since the note you're thinking of is so old, I think the first step is that you should get your free annual credit reports from www.annualcreditreport.com (don't use those other sites).  See if you find that old loan on your report and see what it says about it.  If it says paid in full, then you got some kind of junk notice.  If it is not paid in full, then call the person you co-signed for and ask them what the deal is.  Of course, I think you should call that person either way.

I don't understand how they can be going after something so old but just look into it first to see if it is even legitimate.

Good luck.

Answer 6

They are just Phishing. You are not responsible for a 16 yr old debt. The first thing you need to do is  order your free credit reports to make sure there is nothing on it. http://www.badcreditfixup.com/free-credi...

After 16yrs, there shouldn't be anything on it. Then contact the collection agency via mail by sending them a Cease and Desist letter. Here is a sample letter. http://www.badcreditfixup.com/writing-cr... All the letter tells them is to get off your back or you will take legal action against them for harrassment. Trust me they have no leg to stand on. Once they realize you know your rights under the law, they will back off.