Will this affect my credit?

Question

my cousin opened a bank account and i put my name on it too because i went with him (don't ask me why, i don't even remember why i did it).....anyway, he got a loan from the bank and i guess both of our names are on it because they use our account number....i never use this account and don't need it, so if i remove my name from the account will the loan still be on my credit report?

Answer 1

They couldn't have just put your name on the loan because your name is on the account. You would have had to sign to be put on the loan. And if you did sign for the loan it will be on the credit report. There is not a way to just take your name off the loan, the creditor would have to agree of your cousin would have to refinance in his name only.

Answer 2

You may have overlooked some information here, but it would seem to me if the bank uses your account number it has to be either because they're taking the payment automatically for the loan or because the loan is something like reserve credit offered with the account or both?

I could be wrong, but if the above is the case I think there's the chance you could be held responsible for the loan.

You need to talk to the bank and ask them how you would untangle yourself from this situation. I'm not sure they would just allow you to remove your name from the account. They may require that you and your cousin close this account and open a new one. Anyway, they're the people to talk to.

If your cousin got a loan from someone else and gave the joint bank account as an account to have payments automatically taken from, you probably won't have a problem. If, however, the loan is a reserve credit thing offered with your joint bank account, you'll have a bigger problem not having it on your credit report.

If it comes down to its being on your credit report, you can write to the credit reporting agencies for a credit report. They then give you the chance to write a little thing to explain why something shows up, and they'll include it with your credit report.

Answer 3

To my understanding, if you didnt sign for the loan, you are not responsible for it. Get whichever credit report and do a correction that states that you are not responsible for that debt. I dont know how. My wife got a credit card and because I am married to her, that info is on my credit report. I told the credit agencies that the debt is not mine, but my wifes and they corrected the issue.