March 5, 2021


All about money

What to Do If Fraudsters Received Loan for Your Name

Nowadays, scammers have created a variety of ways to get a loan for another person. Thanks to them, unexpected calls from an unknown bank with the notification that you have become the owner of a loan is not news. What to do if you were notified about a loan that you did not take? Let’s find the answers together.


How Do They Take a Loan for You?

This is probably the first question that you have. Here are some possible answers:

1) Fake ID

One of the earliest ways to get a loan for another person is to use stolen or fake ID. Recently, it was one of the most popular ways to get a loan by scammers, but now it is a thing of the past. Since faking a passport is a time-consuming process and such documents are not cheap, so it is difficult to get them. Therefore, scammers are less likely to use this method.

2) Copy of Someone’s else ID

One of the most popular ways today is to use ID copies of strangers. As a rule, this scheme requires an accomplice on the part of the bank or credit institution. However, this may work in rare cases when an employee issuing a loan, doesn’t notice anything suspicious. Such employees do not work long. When applying online, this scheme usually doesn’t work.


What to Do?

If you receive a notification that somebody has taken a loan for your name, it’s worth starting with going to the office of such an organization. As soon as they realized a problem, they will not demand money from you, because it is illegal and can be proved without problems in court.

First of all, ask for documents that clarify the reason why they require someone’s debt from you:

  • Copy of the application form;
  • Copy of the loan contract.

Then, write a statement to the bank with a demand to start an internal investigation regarding the legality of the loan. Banks and MFIs valuing their reputation will certainly approve your request.

After that, it is worth contacting the police and writing a statement about fraudulent actions against you. Documents received from a bank or credit institution may be attached to the application.

After the fact of fraud has been proved and a criminal case has been started, contact the Credit Histories Burro with a request to remove the illegal loan record from your credit history. Otherwise, your credit rating will be pretty spoiled.


In Conclusion

It is worth to remind that you should not share your private data with anyone. Be conscious and keep track of your actions online. We hope these tips will help you to avoid serious consequences when getting into trouble. Good luck!