It’s a story that may sound all too familiar to some around the country who’ve been victims of financial infidelity or whose loved ones have dragged their good credit reputations through the mud.
But it’s surprising that the latest tale of my-boyfriend-ruined-my-credit comes from Fanchon Stinger, a former Fox News TV anchorwoman in Detroit who was fired amid a city bribery scandal that cost Stinger her job, her reputation and her credit score.
Rayford W. Jackson, a smooth-talking, deal-making developer and Stinger’s former boyfriend, was convicted on federal bribery charges and is set to begin a five-year jail sentence in January.
She broke her silence on the case this week in several interviews with Detroit media outlets.
Watch the video interview with the Detroit News here. And read about it in the Detroit Free Press.
She bought him cars
Stinger says she will not be charged in the bribery scandal case and claims she was a victim of Jackson’s verbal, physical and emotional abuse during a 2 1/2 – year relationship.
“I need you to do this. My credit is bad,” Fanchon Stinger says her ex-boyfriend pleaded.
She earned more than $300,000 a year as a television anchorwoman, but ended up depleting her savings, loaning Jackson hundreds of thousands of dollars and buying a Rolls-Royce and other expensive items because he couldn’t buy them in his own name.
He had bad credit and perhaps wanted the flashy items to make himself look good in the eyes of the people with whom he was trying to do business deals.
When it came to the cars, Stinger says Jackson told her: “I need you to do this. My credit’s bad. I’ll get this out of your name right away.”
She admits that his wanting the items in her name and for her to pay for them should have been a “red flag” to her. But it wasn’t.
“He couldn’t keep up the payments so I paid as long as I could,” she said in the Detroit News interview. “And as a consequence, my credit was destroyed. The cars were repossessed…”
How many women and men have had similar experiences? The Detroit interviews revealed that Jackson was actually married to someone else at the time that Stinger ruined her credit for him. She says he told her he was estranged from his wife.
Credit counselors recommend you avoid mingling finances with partners and others in relationships. Your good credit name is too important in these days of tightened credit to risk it. Even married couples find themselves drowning in debt because one or both couldn’t check their spending. Let Stinger’s sad story be a lesson for all.
UPDATE: He said, she said
In a four-part exclusive interview with FOX 2 News in Detroit, Jackson denied Stinger’s claims of abuse.
“This abuse that she says she suffered just really disturbed me,” Jackson told FOX’s Huel Perkins. “No. I never hit her. We had some heated arguments. But abuse. Never … There’s no history of me abusing women.”
The Jackson interview painted a fuller picture of the high-roller lifestyle the couple led, with trips to Las Vegas and Hawaii and a private jet to New York City. Jackson says he paid $10,000 for the private jet and took her to the upscale Tavern on the Green restaurant.
As for the money that Stinger claims she loaned her ex and never got back, Jackson says they shared and account. “Fanchon and I co-mingled money in her account,” he said in the interview. “I never took all of her money. Fanchon was on salary. Fanchon didn’t have hundreds of thousands of dollars. I was making millions of dollars.”
Note: Credit counselors recommend using caution when co-mingling money and credit card accounts. It often leads to arguments and misunderstandings, even among married couples.
See related: 8 must-have credit conversations couples should have, Don’t say ‘I do’ to bad credit