declared chapter 7 bankruptcy in 2004. by 2006 I had all sorts of credit and by 2008 I bought a new car for under 5% interest. before, during and after bankruptcy, I never had one late payment to any creditor or utility.
declared bankruptcy for medical reason-no insurance and had whopping hospital bill. in 2008, I opened up dell computer account and they gave me $2000 line of credit. I never used this account until now, March of 2011 to try to purchase new laptop. unfortunately, in November of 2010 I accessed my credit report online and saw an account that I did not recognize.
I opened up a dispute with equifax because the account was not labled as dell, but something that I totally did not recognize. Equifax then took it upon themselves to report this account to dell as a fraudulent account. It was not. Dell sent me a letter that they have closed my “fraudulent” account and when I called and spoke to many superviosrs they refued to re-open it .
when I spoke to their new accounts department, they refused me any typoe of account because of my credit???? my credit is in upper 680s and has never had a missed or late payment to any creditor. many accounts that I have (best buy, walmart etc.) have refused me credit increases. I found it much easier to get credit less than one year out of bankruptcy then I do now.
I joined cambridge in january, 2010 soley because of skyrocketing interest rates on HSBC and capital one cards. Cambridge insists that they have nothing to do with me being rejected for credit. I think otherwise. when is this nightmare of punishement from bankruptcy going to end? why is it that I was able to obtain credit after bankruptcy but not since I have enrolled into cambridge?
why did equifax report my account to dell as fraudulent and is there any legal thing that I can do about dell closing my account before they attempted to contact me to ask me whether or not the account was really mine? is there an y legal issue that I can take up with equifax reporting to dell tha tthe account was fraudulent when it was not? I am extemely upset. thank you for any advice you can give me. I have no problems paying my creditors on time- I just did not want to pay 29% interest rates for no good reason what so ever.
What I suspect is that since you joined the credit counseling program, the included cards have been closed, which is the normal process. But since they were closed there is no ongoing credit to grade and score you on.
I can’t see any way Cambridge would have played a part in this. There is no mechanism for monitoring client credit reports and reaching out to creditors to close those accounts. No credit counseling group does that.
The most likely answer is that the inquiry of an unidentified account got coded as a potential fraud account and resulted in an automatic closure with the underlying financial company that handles Dell financing.
I’d suggest two courses of action.
- You may want to look at a small unsecured loan from LendingClub.com to purchase the laptop and use part of it to help reestablish your credit using the next suggestion.
- Follow this process to rebuild your credit and get a great credit rating again.
The LendingClub.com loan will also report to the credit bureaus to help bring your score back up.
At this point they’d probably want you to reapply to open a new account since the old account was closed.
Please post your responses and follow-up messages to me on this in the comments section below.