Credit Check verification question says I opened an auto loan or lease when I didn’t

Why you don’t need to be worried if you see a verification question asking you about a loan you know you didn’t open.

Have you ever checked your credit report, applied for a loan, or signed up for an investing app, gotten to the verification questions, and was asked about a car loan you know you didn’t open?

The question is often worded like,

“Based on our records, you opened an auto loan/lease in May 2023. Please select the dollar range for your total monthly payments.”

The question might also ask you to verify who the loan lender is etc.

I was asked a similar question when checking my credit report and, admittedly, it freaked me out a little.

The good news for 99.9% of you who get this question is that you don’t need to worry.

According to Refresh Financial, these are called bogus questions, and they are often used in the Verification Process of whatever financial product you’re using.

“…they’ve (the verification process) started to include questions about you that include bogus information, just to throw you off.”

“If you’re planning on getting your credit report online, expect some of these questions to appear and don’t be afraid to answer “None of the above”.

“Don’t let these questions scare you away – they’re meant to be there, and they’re meant to protect you from the very thing you fear (identity theft.)

Types of bogus questions go beyond auto loans. The verification process can ask you about a home loan, other assets you know you don’t own, and might ask you to verify personal information that doesn’t pertain to you, at all.

As mentioned, answering “None of the above” is the right answer.

To assuage your fears, once you’ve selected “None of the above,” take a look at your credit report, and you’ll see that the auto loan in the bogus question t is indeed not part of your credit history.

So, don’t worry about a question asking you about an auto loan you’re certain you never opened.

It’s meant to trip up people who shouldn’t have access to your credit report from seeing your personal information.

Just click “None of the above” as that’s the right answer.