Q: I had a timeshare. I recently hired a layer and got out of it. Now my credit is ruined. Anything I can do?
I didn’t find out about my ruined credit until the lawyer had closed my case and I went for a home equity loan. The late payments only show when they are doing a credit check for real estate. I bought a new car with no problem. Now I can’t fix my house and sell it to move closer to family. I can’t buy another house. Help!
A: There's a possibility that this timeshare company was only reporting to 1 or 2 of the credit bureaus and the auto loan company only pulled credit reports from 1 or 2 of the credit bureaus (or have different guidelines for approving a loan such as using the "middle score") but when you apply for a mortgage, they typically pull from all 3 bureaus (Experian, Equifax, and Trans Union). I would start by pulling your complete credit reports from annualcreditreport.com and see how the timeshare is reporting and what reports it is reporting on. Without knowing the details of the settlement and how the accounts are actually reporting, it's tough to say if there is an actionable claim but I would start by pulling the reports and getting in touch with a consumer protection attorney that is familiar with the Fair Credit Reporting Act that will offer you a free consultation.
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