I stumbled across this forum while searching for stories of people being able to obtain a public trust with bad credit. Long story short, my credit has had multiple charge offs over the past two years due to having to assist my family financially while my dad was struggling with cancer. It wasnt something I wanted to do as up until that point, I always had excellent credit. It came down to ensuring the family had a house and food over paying credit cards and a student loan. It got to the point of me considering bankruptcy, but I didn’t want people thinking I was trying to avoid paying my debts.
In hindsight, I wish I had contact the card companies and asked for assistance at the beginning of the hardship, but I was too embarrassed to do so. I have been able to settle most of the charge offs over the past few years when I had extra money available, and have four that I have payment arrangements set up with the collection agencies for within the last few months. I am hoping they will look at my whole credit profile as it will show that I was responsible and made all payments on time until my dads cancer got progressively worse. Even during that time, I picked up extra hours at work when able to be able to pay and settle some of the delinquent accounts.
When I filled out my SF85P, I disclosed all accounts that were currently in payment arrangements (forgot to mention accounts that had been settled / paid off) and gave the reason for the delinquency as well as the payment arrangements that are underway. I even listed accounts that were late previously but current now. I want to be able to show that I am working towards handling the balances as my credit health is very important to me. I am hoping this will mitigate the risk as this clearance is for my dream job.
I received an LOI recently requesting info on all the accounts and proof of payments made, accounts settled, and reasons for falling behind. They also asked about the accounts that were previously paid/settled, so I submitted the documentation for those as well. I sent all information to my security POC via e-mail and US Mail since it was a lot of files.
Do any of you have similar stories with successful outcomes, or advice? The agency is the FAA and I will need a Moderate Risk Public Trust for the position. Thank you in advance!
@Marko Do you have any advice? After browsing for a while, you seem like a solid person to ask.