Account Charge Off...I Was An AU

fused · ‎05-22-2007

Just learned yesterday that an account my parent had with MBNA some years ago became a charge off I believe two or three years ago. The SOL in my state is seven years. Since I was only an AU, should I have anything to worry about? Can they go after me or place something derogatory on my reports. Please help, I am terrified what might happen to my credit rating and scores.

Boswd · ‎05-22-2007

Yes and Yes. You get the bad as well as the good being AU. I would talk to your parents and get this resolved ASAP. If you can get it resolved before they place it with a CA and before the CA reports it that would be ideal for your credit report. Because once that happens you not only have the OC charge off listed on your report but the CA as well. Two hits for one neg. account Get a hold of your parents and get them to pay it.

fused · ‎05-22-2007

Boswd wrote:
Yes and Yes. You get the bad as well as the good being AU. I would talk to your parents and get this resolved ASAP. If you can get it resolved before they place it with a CA and before the CA reports it that would be ideal for your credit report. Because once that happens you not only have the OC charge off listed on your report but the CA as well. Two hits for one neg. account Get a hold of your parents and get them to pay it.

I should have furnished you with a little more background info. This charge off and CA have been reporting on their reports for a long time, say 2 or 3 years. Shouldn't I be safe! I would assume if it's been on their reports this long, it would also be on mine if MBNA has any bad intentions.

Anonymous · ‎05-22-2007

Also, the big question is....was it on your reports to begin with? If not, then you weren't getting any benefits to your credit anyway. And Bowsd is right....if it gets placed with a CA it might hit your file as a collection. However you are not legally liable for the debt, although CA's will try to convince you otherwise in an attempt to get paid. If your parents are going to take care of it you should be OK. If it does hit your reports, dispute as "not mine." As an AU you didn't sign anything to be added to the account, and community property only applies to spouses in some states. You can get it removed. Hopefully you won't need to.

Message Edited by devhip on 05-22-2007 01:13 PM

fused · ‎05-22-2007

devhip wrote:
Also, the big question is....was it on your reports to begin with? If not, then you weren't getting any benefits to your credit anyway. And Bowsd is right....if it gets placed with a CA it might hit your file as a collection. However you are not legally liable for the debt, although CA's will try to convince you otherwise in an attempt to get paid. If your parents are going to take care of it you should be OK. If it does hit your reports, dispute as "not mine." As an AU you didn't sign anything to be added to the account, and community property only applies to spouses in some states. You can get it removed. Hopefully you won't need to.

Message Edited by devhip on 05-22-2007 01:13 PM

No I have never had a tradeline referencing this account on any of my three reports. So, if some derog is posted on my reports, it should be easy to dispute sounds like. I always print my reports as I pull them. Clearly, there is no tradeline for this account on my reports, so if suddenly a CA CO shows, its a no brainer for CRA's I hope.

Anonymous · ‎05-22-2007

By the way, I think this is karmic payback for all the teenagers that screw up their parent's credit....the tables have turned!

I remember when my Dad co-signed for a new truck when I was 18. I promptly proceeded to slack off. I narrowly escaped a deserved beating and my Dad played repo man. Ah, the good 'ol days.

fused · ‎05-22-2007

To be TOTALLY HONEST, I did not charge more than $200 during life of that card.

Tuscani · ‎05-22-2007

As an AU the OP is in no way liable for the debt.. but the derog info will show up (just dispute as not mine if the derogs are not removed). If the account is joint that is different.

Message Edited by Tuscani on 05-22-2007 04:18 PM

fused · ‎05-22-2007

Tuscani wrote:
As an AU the OP is in no way liable for the debt.. but the derog info will show up (just dispute as not mine if the derogs are not removed). If the account is joint that is different.

Message Edited by Tuscani on 05-22-2007 04:18 PM

No, I know I was only an AU. Never signed anything! I guess one good thing going for me is that this account never has never reported on my reports. So, I assume evn if MBNA tries to place derog on my reports I shouldn't have much trouble disputing it. To me, a CO or CA cannot be reported for an account that has never been reported. Am I making sense?

Tuscani · ‎05-22-2007

fused111 wrote:

Tuscani wrote:
As an AU the OP is in no way liable for the debt.. but the derog info will show up (just dispute as not mine if the derogs are not removed). If the account is joint that is different.

Message Edited by Tuscani on 05-22-2007 04:18 PM
No, I know I was only an AU. Never signed anything! I guess one good thing going for me is that this account never has never reported on my reports. So, I assume evn if MBNA tries to place derog on my reports I shouldn't have much trouble disputing it. To me, a CO or CA cannot be reported for an account that has never been reported. Am I making sense?

Right.. I just wanted to make sure you knew you are not liable for the debt. Any derog info that MBNA might report should be easily removed with a simple dispute.