Silly, maybe stupid, but it's a queston about tradlines and IRS.

[Anonymous]

I was thinking about adding someone trade lines to my account. This was a Mortgage. It is well out side my income. Does the IRS look at credit reports because I am thinking they might wonder how I have a mortgage or paid mortgage way outside my income range.

Another thing. What happens if someone I share a trade line with gets and audit. Will they see me as a shared co-account holder and investigate me?

If someone gets sued and they try to take their house, will that effect me too?

I don't expect anything like this to happen of course. I am thinking of possible risks associated with sharing trade lines that were never discussed. I would love a high ticket item on my credit report later showing paid/closed all on time.

:-) Anyone? Was this a good question?

[Kevin5974]

I'm sure the IRS will see that you are a co-signer and that there is additional income but I think you'd have be under very heavy scutiny for them to pull your credit report. They won't investigate you because the other person is audited unless a red flag is waved regarding your taxes either. I am fairly certain that someone cannot "take" your house if the other party is sued but will possibly happen is a lien will be placed on that house. When you sell it, that lien will need to be paid before the deed of trust is transferred. I would recommend that amount comes out of the party thats was sued's proceeds. It may also prevent you from obtaining a second mortgage or line of credit off that house if you chose so after the judgement and lien has been placed. These situations are rare tho. If a lien is placed on the property, it will NOT show on your credit; it will show on the defendant's as a JUDGEMENT and no lien will be mentioned. That is done through the county recorder's office. Does this help?

[Anonymous]

Yes I think it does. :-) Thank you.