Question by Carrielynn: My mother is refinancing our mortgage. The house and everything is in her name, but they checked MY CREDIT?!?
So my mother is refinancing our home. The deed, bank accounts, everything is in her name. I have nothing to do with anything financial other than living in the house. She has immaculate credit, but my credit isn’t very good. I’ve had a balance of $ 1,500 on my credit card for the past 3 years that I have been paying off very slowly. But I make payments every month and more than the minimum.
Anyway, today the bank called and told her they looked into MY CREDIT and would be giving her a higher rate, simply because I live in the house and I have bad credit. My problem with this is, if I have NOTHING to do anything, my name isn’t on anything, why on earth are they giving her a problem for my credit? Did they even have the right to check my credit?
Can they do this? It just doesn’t make sense to me.
My mother has not listed me for anything. I’m not even employed right now, I’m a full time student so I have no source of income to contribute! The only thing I’m aware of is that they asked how many people live in the house, and my mother listed herself and her 23 year old daughter (me). But I don’t like that they went and checked my credit score. I have nothing to do with this except living in the house!
And this is with Chase bank if it makes any difference.
Answer by Wayne S
If they checked your credit without your consent it is illegal and the bank needs to ignore it for the purposes of your mother’s loan application.
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That makes no sense. She needs to find another lender.
No, they can’t do this without your consent.
They would also need your social security number.
That’s the problem with big banks. I don’t know why anyone goes directly to them for a mortgage.
Your mother needs to find another lender. She should call around to some local mortgage companies (not big banks) or she can contact me for her options.