Re: Re: Re: Parents borrowed under Your credit reports may show a range of name variations that various creditors have reported as you. Did you always have a different last name from your parents?
Re: Re: Re: Re: Parents borrowed un Yes, I used to have their last name and I changed it around 99-2000. All three of my credit reports have my old name as "also known as," and one strangely has me also known as my last name and first name in reverse. So are you saying that may help my case in some way?
Re: Re: Re: Re: Parents borrowed un Is there any similarity in your first name to theirs? Was the loan taken out in your name, or in your name combined with one of your parents? If disputing as "not mine" doesn't work initially, is there the possibility to make the case that these paid loans were erroneously put under your name, as shown by the address at which you no longer even lived at the time, and should be shifted back to one of your parents? If possible, would that be a solution, if your parents confirmed it was correct, while handling it as a misreporting or clerical error?
Re: Re: Re: Re: Re: Parents borrowe Well I could bring up the (touchy) subject with the rents again, but from what I gather, they just needed some cash in a pinch and their credit was in the trash so they just applied for a loan with my info and got it. I guess I should be grateful they paid it off... I got a schedule of interest rates for auto loan from my credit union. They charge 6.25% for a FICO of 650-699, and 5.25% for 700-749. Since I'm already above 650 and unlikely to break 700 by November, this discussion may be moot, but I will proceed with the dispute as a simple "not mine" and hope they just don't contest it.
Re: Re: Re: Re: Re: Parents borrowe How did your parents access this loan? How does a loan account made out in your name result in money presumably getting into an account in your parents name? Presumably they were not paid cash.
Re: Re: Re: Re: Re: Re: Parents bor They probably filled out an application with my name and social security card and their address, signed my signature themselves. It registers as a hard inquiry on my report. I don't know, I could ask them.
Re: Re: Re: Re: Re: Re: Parents bor What I was curious about, was how the creditor actually transferred the money to them. Did they get a CC with your name on it, that they then had to use by signing your name? Did they get checks on an account with your name on it, that they then had to use by signing your name? Were they sent a check made out to you, that they then had to negotiate or deposit in their own account after signing your name? Was it an unsolicited loan check, made out to you? It is one thing to apply for the loan. It is another to actually access it. The creditor failed in preventing a fraudulent account being opened in your name. As a result, you have been damaged. Did another party also fail to check identity at the time the money was transferred to their control? As an example of the public policy issues involved, lenders who send unsolicited loan checks have claimed in testimony before Congress that their security is adequate to protect the consumer from interception and fraudulent use of these checks, primarily due to the restrictive wording on the checks that the bank accepting the check should verify the identity of the person presenting. They have claimed that there should be no additional regulation of this practice since consumers are not exposed to any risk, and that all the risk is born by the lender. In contrast, it has long been illegal under federal law to open unsolicited credit card accounts, and send unsolicited credit cards. The obvious risk of interception and fraud, particularly when the consumer had not applied and was not expecting anything, was recognized decades ago. Beneficial has been very active in sending out unsolicited loan checks, and with very high interest rates. What type of "customer" are they trying to attract?
Re: Re: Re: Re: Re: Re: Re: Parents Just chatted with my parents... it was indeed one of those checks they send out. It was under my name and the parents needed the money so they deposited it. (They had done the same thing with a Beneficial check years earlier.) Do you have specific advice as how to craft my dispute letter, given this information?
Re: Re: Re: Re: Re: Re: Re: Parents How did Beneficial "verify" that the check loan was "legitimate", if it was deposited in your parents account? Did they call your parents? Was additional information entered on the check with the endorsement? DOB? SSN? Phone number? Was it deposited with an actual signature, or at least a name, as endorsement, or just endorsed "For Deposit Only"? Did their bank question the deposit in any way? Also, what interest rate was this for?
Re: Re: Re: Re: Re: Re: Re: Re: Par My parents tell me it was just a check made out to me, they endorsed it and deposited it, and that was it. Their home address at the time was, and still is, listed as a past address on my credit report as I did once live there. I don't know about the interest rate but I doubt it was any good.
Re: Re: Re: Re: Re: Re: Re: Re: Par So they did not provide SSN or DOB information to Beneficial? Beneficial did not confirm the identity of the party presenting the check, either on the check, or by a follow-up letter or phone call? Your parents bank did not question or enforce any of the restrictions on the check? These are the 1997 hearings on the subject: http://commdocs.house.gov/committees/bank/hba43660.000/hba43660_0f.htm I guess you shouldn't have any complaints, since "ultimately, the consumer will not be held liable in the case of fraud." You might see if your state's AG reached a settlement with Household/Beneficial similar to this: http://attygen.state.ut.us/settlements/household-beneficial/HFCFinalJudgmentbyConsent.pdf There may have been restrictions surrounding unsolicited loan checks in these settlements.
