Anyone with experience with judgements that aren't yours?

[Brent857]

So I have been looking to get a new car so I had my dad run a credit check on me turns out that its lower then it should be cause one of my dads judgements got put on to my credit report it was $1660 owed but its been payed now and all that jazz, does anyone have any experience with this type of stuff? How long does it take to get taken off, and will my score be raised after it is or will I have to build off from where it is now? Oh and most likely the reason it got put there is cause we got the same name. >.<

[bcr229]

Contact all 3 agencies (Equifax, TransUnion, and Experian) and let them know that the debt is not yours, it is your father's, and that you have the same name. Include copies of any documentation that your father has showing the debt is solely his and the information should not be assigned to you.
http://www.myfico.com/crediteducatio...planation.aspx

Once the erroneous information is removed your credit score should go up. Figure on the whole process taking 60-90 days.

[Brent857]

Thanks for the sample letter link that will help! To bad it takes so long il start on the process asap! Is 672 good enough for a car loan? I was hoping to have it pretty high so I could get a low interest rate on the loan.

[eatgoodfood]

Idk if 672 is good enough, but you can also dispute something on your credit directly from your credit report on the reporting agencies website. When you look at it there is a button that says dispute, and I think you can upload docs and what not. Not sure if itd be faster or not, just know its there.

[bcr229]

Thanks for the sample letter link that will help! To bad it takes so long il start on the process asap! Is 672 good enough for a car loan? I was hoping to have it pretty high so I could get a low interest rate on the loan.

I figured on the timeframe b/c the 3 credit reporting agencies have 30 days to respond to your letter and make a determination, ask you for more documentation, etc. Once your dad's black mark on your credit is gone I also figured on some time needed to get the score changed, though I may also be wrong there, it could very well be instant.

Personally I wouldn't bother shopping for a loan until your credit report is correct. Sure, you could find someone to make the loan but it's not likely to be at the interest rate you want.

[txcoker]

Thanks for the sample letter link that will help! To bad it takes so long il start on the process asap! Is 672 good enough for a car loan? I was hoping to have it pretty high so I could get a low interest rate on the loan.

Don't put so much into the score as it is not a true picture of your credit. What you need to look at is your overall credit picture. How much available credit do you have now, is it revolving debt, or installments. If you are looking at new cars look for a manufacture that has a special rate, a lot of the finance companies use a computer to score the application now. I have seen people with low "credit scores" get approved because of their overall credit history. Also if you have proof that the debt is not yours and you have filed the dispute with the creditors it takes that debt out of the scoring formula until it is resolved.

Hope this helps.

[swansonbb]

There are a lot of other factors that will be considered, including other established credit & pay history, DTI, amount financed, downpayment amount, etc..

Source? I've worked in credit for a major bank for almost 10 years. Including reviewing car loan portfolios. Hope this helps!

[Brent857]

Thanks for all the input everyone I'm gonna mail them all copies of any evidence I got and also try to do it online. I'l keep looking for a car hopefully maybe someone will offer to change the interest rate if I come back in a while I have to get the car within this next week for my new job. Thanks for all the input again I hope I get this solved fast!

[txcoker]

Thanks for all the input everyone I'm gonna mail them all copies of any evidence I got and also try to do it online. I'l keep looking for a car hopefully maybe someone will offer to change the interest rate if I come back in a while I have to get the car within this next week for my new job. Thanks for all the input again I hope I get this solved fast!

Do you belong to a credit union, I have found they are easier to work with on car loans than the big banks. Also you can always refinance your loan once this is resolved.

[Raven01]

672 is enough for a loan but, what you need is the best rating you can get to get a lower rate. And, therefore spend less money overall to purchase the same vehicle.
The lower the score the higher the risk so, interest rates would be higher.