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I recently applied for credit for a loan for a solar system. I submitted the form on the solar companies website. They sent it to some loan company who sent me their credit application doc to sign electronically.

The problem is that my salary is doubled on the form. The salesman checked and said they would fix it and I qualified with my regular salary.

Of course, the credit company hasn't updated the amount. The salesman says he's been trying to get them to change it but they haven't. He recommends that I go ahead and sign the credit app with the wrong amount, saying it doesn't matter that the amount is wrong since I qualify anyways.

Besides the obvious of signing a doc with the wrong amount, what could go wrong with having a credit app with my salary doubled? Would my credit score be affected?

I am located in California, USA.

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  • For what it's worth, I'm told that some used car dealers actually expect people to lie on their applications and try not to actively discourage that, because an easily detected lie makes screening out the people they don't want to lend to much easier.
    – keshlam
    Jan 27, 2023 at 22:19

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IANAL, and it depends on the laws in your location, but that sounds like a situation where the lender might be able to default you (and force full repayment) based on misrepresentation of income, even if you'd qualify with your actual income. If that happened, it would likely show up as a derogatory mark on your credit report.

You also have no verification that what the salesman said is true - what if you wouldn't qualify with your regular salary but he just wants to make the sale?

You're signing a legal contract. Don't make misrepresentations knowingly and willingly, even if other people say it's fine. It's your signature on the contract, not his.

I assume he wants his commission (assuming that's how he gets paid), and it sounds like he has direct contact with the lender. He'd better make sure the lender gets the contract right because he isn't getting that commission until then.

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