No Credit Loans
jim left the country but gave his ssn and a POA to Bob. Can Bob use Jim’s credit for loans?
My boss applied/received a loan using a Durable Power of Attorney under someone else’s name and credit who left the country and no longer cares what comes about it. I’m ready to blow the whistle if there is something that prohibits this kind of ‘conspiracy’
they both are aware of it and ‘jim’ gave full permission and may be on the company accounts. – i dont’ think its right since after receiving the loan, bob normally puts himself on the account to rebuild his credit.
A power of attorney is pretty broad. It would allow Bob to request a loan for Jim in Jim’s name. The only thing that would allow Bob to get money under this kind of scenario is a power of appointment, which allows Bob to actually get into Jim’s bank accounts.
If you think it is being done incorrectly or inappropriately, get in touch with the police. You can do an anonymous tip.