Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
boingo17

0 Contributions
0 People Helped
how can i keep collection agencies from hurting my credit score?
I have a partner whom i own a rental unit with. We have a bank account that gets credited with rents and debited for expenses such as the HOA. He let the account go without my knowledge and now a collection agency for the HOA sent me a letter that I owe $3552. I'm in the middle of trying to refi my house and wondering how I can protect my score

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
713 Contributions
2570 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

It's probably too late for your to undo the damage your partner caused. If you and your partner jointly hold the account, jointly own the property, and jointly owe the HOA fees, then each of you is essentially held hostage to the other person's goodwill and financial management skills. The only way out now is a long, slow one. Either you and your partner need to work together to get the debt paid off or you need to disentagle youself from the finances of this irresponsible person (by closing accounts, selling the property, etc.). In either case, the repercussions are going to reflect on your credit, probably for the next seven years. (NOTE: The people answering these questions are just your fellow CK users, not professional advisors. So you might want to get some legal advice. But generally, once you mingle your finances with another person and that person misbehaves, you're toast.)

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.