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Creditors and Bankruptcy/bank trying to collect defaulted account from beneficiary
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Question
my parents opened a checking account. they put me down as a beneficiary on the account. i did not sign the signature card or anything else at the bank. i am just a beneficiary. they defaulted on the account and the bank is owed $900+. can the bank try to collect from me even though i was only a beneficiary and not a user of the account. i didn't sign ANYTHING. the bank sent me a copy of the signature card and my name is typed on the card as a beneficiary. my signature is not on it. i didn't even know this account existed until it showed up ob my credit report.
I don't think so. I'm not sure why they would be trying to collect it from you. Send a dispute letter to the credit bureaus directly saying it is not your account. This may take several rounds of dispute letters to the credit bureaus. At the same time you have get further along with the bank. This is a matter of becoming more forceful and hopefully getting results. Persistence is the key. At the very least, you want to get them locked into a position or get their answers in writing. Always think that the case may go to court and try and get evidence accordingly. There is no magical answer that will get them to delete it or cease collection activities short of a court order and in order to get that far, you need to have the back and credit bureaus locked into positions in writing.
The chances of this going to court are slim. Typically persistence and the truth win out before then, but you have to prepare just in case.
Try to get to the bank higher ups. Demand to see an application or signature. Eventually they should do the right thing and delete it from your credit reports.
BTW, after you send that first dispute letter to the credit bureaus, they will respond in writing in about 30 days. Depending on what they do or say, you may need to contact them again. Contact me again at that point and I can give you more specific action to take. Giving specific action now, is really not possible as we have to see how they respond first.
Good luck,
Regan
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Answers by Expert:
Regan Shinski
Expertise
I can answer questions on collections, repossessions, bankruptcy, credit repair, credit counseling, FICO scores, credit planning, and the cause and effect of credit related decisions. I can also answer questions on collection settlements and preparing to sue your creditors for false debts and credit reporting.
Experience
Fifteen years ago I was financially devasted due to severe health issues. I filed bankruptcy, had a foreclosure, car repossession, tax lien, and ruined credit. I immersed myself in credit law. I settled dozens of accounts and had them removed to improve my credit. I personally sued four creditors and collection agencies and won cash settlements for their false reporting on my credit reports.
Since then, I have completely recovered and have nearly $100,000 in revolving credit lines and perfect credit. I have owned a credit repair company for the past five years and have an additional three years of specific work in the collections and debt management industry.
I am fully versed in the Fair Debt Collection Practices Acts (FDCPA), Fair Credit Reporting Act (FCRA), and have used them successfully in collection settlements and lawsuits for myself and others. I am also familiar with and abide by the Credit Repair Organizations Act (CROA).
I have deleted or helped delete literally hundreds and hundreds of derogatory items from consumers' credit reports and helped negotiate many settlements with collection agencies and creditors. I have also advised people on bankruptcy at any stage.
In the current credit market, I have successfully advised numerous people on how to obtain credit and how to negotiate for better terms.
Education/Credentials
BA - University of Minnesota
Past/Present Clients
(private)
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