Legal Question in Consumer Law in Nevada

Contract Violation with Credit Implications

I entered a contract with an individual

to give them permission to use my

credit to obtain a real estate loan. The

contract stipulates that I will not be

responsible for any loans that will be

opened (an escrow account will be

opened and will pay the loan), along

with the salary I will be expected. The

individual used my personal info to

open a line of credit and a bank

account. Now the bank with the line of

credit is saying that I'm responsible for

the loan. I've forwarded the info to the

police, and they said that since there

was a signed contract, it's not a criminal

investigation. The bank with the line of

credit refuses to place the account as

fraud. I've contacted the BBB, FTC, and

documented all conversations, with no

luck. What do I need to do to get the

loan written as fraud and to repair my

credit score?? I will definitely sue the

individual that I dealt with, should I do

so before or after dealing with the

bank?


Asked on 1/02/07, 5:48 pm

2 Answers from Attorneys
Jeffrey Cogan Law Offices of Jeffrey A. Cogan, Chartered

Re: Contract Violation with Credit Implications

You should sue after dealing with the bank as you don't know how much you will be nailed for until that is resolved. Since you let them use your credit, they did nothing wrong. What you need resolve with the bank is that whether the loan can be paid from the equity in the house.

This is definitely not something you should handle by yourself.

Read more
Answered on 1/02/07, 6:15 pm
Robert Mccoy Law Office Of Robert McCoy

Re: Contract Violation with Credit Implications

It may be possible that you have a claim against the bank for not properly following the identity theft laws. If so, you could possibly be entitled to a judgment for not only your out of pocket losses, and attorney fees, but also $30,000. I would need more info in order to be able to give you an intelligent assessment, however. But even if it is ambiguous whether you have a claim for violation of the identity theft laws or not, you may be able to use this ambiguity as a negotiation tool.

Read more
Answered on 1/02/07, 8:13 pm


Related Questions & Answers

More Consumer Law questions and answers in Nevada