If someone forged your name on a loan and fell behind in payments, how can you repair your credit?

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If someone forged your name on a loan and fell behind in payments, how can you repair your credit?

When I was 19 and very stupid, I co-signed my dad’s name on a student loan without his permission. This was 6 years ago. He’s subsequently found out about it when I fell behind on payments. The account now is in better standing, with payments being made on time for nearly 2years. However it has negatively affected his credit, and as a small business owner, it’s kept him from expanding his business. As he’s a very forgiving dad, he doesn’t want to file fraud, which I think is the only way to get it off his credit. Can I report myself? Will this fix his credit? What are my options?

Asked on July 14, 2011 under Bankruptcy Law, Arkansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to contact the credit reporting company that placed the negative information about your father on his credit report and explain what you did and that it was not proper. Your father needs to do the same thing and provide documentation that the signature of your father on the student loan is not his signature ans was done improperly and without his knowledge or later consent.

If the credit reporting agentcy will not take the negative mark on your father's credit report off, then he might consider hiring a credit repair company to help him out.

You should pay out of your own money the cost of the credit repair company for your father.


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