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foxbat89

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Can I remove a collection from my report that wasn't my fault?
A couple of years ago I created a shared bank account with a 17 yr old friend in college. I already had a personal bank account with another bank so I didn't even get a card from them, I just got it so that he could have something to use until he turned 18. I just recently noticed that there is a Collections from that bank but I don't remember receiving anything letting me know. The friend and I drifted apart and is out of the country. What should I do? Can I get this removed and transferred just to him since I wasn't the one using the account?

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Can I remove a collection from my report

You failed to state what the amount of the collection was.

It's sounds to me like you both opened a joint account.  It also sounds like you are getting stiffed for what is probably bounced checks and fees.

Are you liable?  As you just found out from your credit report, the answer is "Yes".  Despite the fact you never used the account does not relieve you.

The bank will not negotiate what is on your credit report if there is nothing in it for them.  Unfortunately, you are now stuck with the debt and should attempt to arrange some sort of payment plan with the bank.  At the very least, the status of that collection would go from "Unpaid" to "Fully Paid".  That won't do much for your credit score, but at least other creditors will know you made good.  Otherwise, you can negotiate to have the negative entry completely removed once you pay off the debt.  Get it in writing.

You're last alternative is to do nothing.  You can dodge the collection calls for the next 7-years.  After 7 years the negative will be removed from your credit report.  However, if the amount owed is substantial ($1100 or more), there is a fairly good chance you can get sued.

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