My credit report shows my name on my sisters loan but I did not co-sign/joint.?
Jun, 2010 in Transunion Credit ReportSo here is my problem. My nephew co-signed for my sister to buy a house. I was told that I would only be used for income purposes and that I would not be on the loan. The monthly statements which my sister get’s only show’s her name and my nephew’s name. But on my TransUnion and Experian the loan show’s up. I just sent letters of dispute’s to the TransUnion and Experian (Equifax does not show it). Is there anything else that I can do?
So here is my problem. My nephew co-signed for my sister to buy a house. I was told that I would only be used for income purposes and that I would not be on the loan. The monthly statements which my sister get’s only show’s her name and my nephew’s name. But on my TransUnion and Experian the loan show’s up. I just sent letters of dispute’s to the TransUnion and Experian (Equifax does not show it). Is there anything else that I can do?
RE: But if my credit shows that I am on the loan, shouldn’t my name be included in the montly statements?
Nope you did the right thing already, now just wait to see what they say.
What do you think “used for income purposes” means? Either you cosigned or someone forged your name as a cosigner.
If you were used for income purposes, most likely you are on the loan. You probably signed something and either didn’t realize what you were signing or didn’t understand that it was making you a guarantor of the loan as well. If that is the case, the only way to get removed is for your sister and nephew to do a refinance and take your name off the loan.
There is a conflict here because, why would you need to provide your proof of income when your name is supposedly not on it? And if your name is attached to these loans according to the credit bureaus, either you did sign and just didn’t realize what you were signing, or someone forged your signature, There is no way that you would be the one to produce proof of income unless you were on the loan. Also, contact these lenders directly and ask them if your name is on it, if by chance they say yes, then request a copy of the contracts. In addition, there are such things as 3rd co-signers, and they don’t show up on statements.
If you supplied your SSN for ‘income purposes’ then the credit companies are getting the information from the mortgage that way. My recommendation is to contact the mortgage company/loan processer that created the paperwork to obtain a letter obsolving you from any financial responsibility your sister’s loan. Use that to send to all three credit reporting companies to remove with your own request for removal.
If by some chance you are written in some way to the mortage you will have a difficult time getting out of it other than your sister refinancing without involving you in her mortgage paperwork.
Responding to your new RE: – No your name would not necessarily be on the monthly mortgage statement. Sometimes you can have multiple sources backing a loan. The one co-signer will only appear with the loan applicant. All others have a financial stake and take a hit just on their credit report. As I stated above, once you provide your SSN you are financially involved.
Did the report show you as a co-buyer? even though you are not listed on the statements something could fouled at the bank.
BE SURE that you are not attached in anyway to that loan.
Ask to see your sisters papers and explain why.
Nothing worse than family and finances getting commingled
Good Luck!!
Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit – creditreport.fateback.com