TransformCredit : Cosigner bank details

Why do you have to take bank details for my cosigner?

We do this for 3 reasons.

1. Payment details form part of our ID checks and help prevent your cosigner from being a victim of fraud.

2. When we approve your loan we pay it into the cosigners bank account for them to transfer it to you. This is so there is also to prevent fraud and makes sure your cosigner is fully aware of their responsibility.

3. If the borrower misses a payment we will contact the cosigner and ask them to pay. Therefore we ask that the cosigner keeps an active card and bank account on file so we can keep the account up-to-date at all times.

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