26-Jun-2008 12:50 PM -- a_cnnMy dad and I have a same name. One day a bank called me that I have a loan, but I never opened that account. Actaully, my dad got that loan, but it is under my SSN, but either of us knew about it. They did not verify anything and now they threatened to come after me. What should I do to protect myself from this situation.
26-Jun-2008 8:05 PM -- JohnnyRocketYou should start by asking the bank to send you a copy of the loan application which "you" signed. When they produce an application with your father's signature, you may get them to back down when you produce a signature sample (drivers license) that does not match their records. You will need to dispute their claim in writing, and ultimately will be seeking a letter from them acknowledging their mistake and confirming that you have no responsibility. This will help prevent future collections activities against you for the same mistake.
It seems odd that your SSN is on the loan documents - I imagine that it was processed by a bank employee who gathered the information from your existing account thinking it was your fathers rather than from a written application. If you were not a party to the original transaction, they should not be able to hold you legally liable. If things get nasty, have a local attorney help with the letter writing.Attorney John F. Libertine