Is my bank allowed to give out my address?
i have recently moved address, having informed my bank..I also owe a small loan to a finance company and was wondering..can the bank give them my new address if they ask for it? I am not paying back that loan and decided to just save up and pay them the lump sum...I wont be able to clear my debt if i keep paying them monthly. it will take me around 3 months to save up and give it to them.
Whats the worst that could happen if i go AWOL for a few months..
Can they track me down? Will my bank tell them where i live? Wil I get stopped if I go abroad for a vacation?
2007-11-11 10:26:54 · 3 answers · asked by destiny 1 in Business & Finance ➔ Credit
Being a former bill collector, the answer is yes, we help out each other when it comes to skip tracing.
2007-11-11 16:41:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
talk to the finance company, dude.
if you try to just go stone silent on them, they'll think you're trying to hide and may well refer you to collection or worse before you take any action. Then your credit will be dinged for the next 7 years.
Dinged credit means you get charged more for every loan thereafter ... cars, etc. If and when you can get one.
***
by the way, the bank will likely report your new address to the credit bureau [it is in all loan contracts incl. credit cards], or the credit bureau will find it from some other source [utilities when they check your credit for servide at the new place]. then the finance company will know where you are, but will be angry because you didn't tell them up front.
if it looks like a deadbeat, they treat it as a deadbeat.
oh
2007-11-11 18:33:56 · answer #2 · answered by Spock (rhp) 7 · 2⤊ 0⤋
Yes, they can track you down easily. That's why they call it skip trace. I don't understand why would you want to jeopardize your credit for not paying monthly. That's how your credit score establishes.
Running away is not a solution for not paying your bill. It'll be there when you get back and it will ruin your credit for the future. On top of that, collection agency will not be kind when they track you down.
If you can afford to go on vacation, why not paying your bills?
2007-11-12 00:05:52 · answer #3 · answered by Summer 3 · 0⤊ 0⤋