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Does your cosigner have to know the details on your credit report and score prior to signing for a loan- does the lender share this information?
Wiki User
∙ 14y ago
It is totally up to you who you share your credit report info with, but it is against the law for a creditor or credit reporting agency to disclose any information regarding your file, only you have the authority to access your credit file and unless there is a permissible purpose as defined by law no one else including a creditor can access your file.
Wiki User
∙ 14y ago
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What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
Would they check the applicant of outstanding credit Cosigning credit card for applicant with bad credit?
Yes. Only in this manner can they ascertain that the cosigner is credit worthy as claimed. Everything must be verified beyond any shadow of a doubt. The cosigner needs to be well aware of the circumstances should the one they are signing for default on what is owed. If someone racks up $40,000 in credit, then doesn't pay, the cosigner is then FULLY responsible for the entire balance due, which could totally ruin their own credit rating. Just be very careful about what you are cosigning for and read ALL the fine print.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
Is the APR of a student loan determined by the credit of the borrower or that of the cosigner?
The cosigner I believe but check with the loan issuers it's in the details.
If we have bad credit will a cosigner help us get a mortgage?
Yes, a person with bad credit can get a cosigner for a mortgage. The cosigner will have to have excellent credit and must go into the office to sign papers to become a cosigner.
What are the consequences of signing a car loan when the primary borrower defaults on the payments?
When the primary borrower defaults the cosigner becomes legally responsible for the loan. If the cosigner is not able to pay the loan he or she can also be subject to legal action by the lender and the cosigner's credit score will be seriously affected.
Who do you contact for a cosigner information to show up on their credit report?
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
Would they check the applicant of outstanding credit Cosigning credit card for applicant with bad credit?
Yes. Only in this manner can they ascertain that the cosigner is credit worthy as claimed. Everything must be verified beyond any shadow of a doubt. The cosigner needs to be well aware of the circumstances should the one they are signing for default on what is owed. If someone racks up $40,000 in credit, then doesn't pay, the cosigner is then FULLY responsible for the entire balance due, which could totally ruin their own credit rating. Just be very careful about what you are cosigning for and read ALL the fine print.
Will a cosigner's credit history appear on your credit report?
No
If you get a cosigner when purchasing a car will it show up in your credit report or the cosigner's credit report?
It will appear on the CR of both parties.
As a cosigner can you have a vehicle repossessed without affecting the cosigner credit rating?
Nope.
Can a Cosigner have little or no Credit?
Yes.
Am I eligible for alternative student loans?
Most private student loans applicants are required to have a cosigner, especially undergraduates or students who don'tt have a steady income or credit history. The cosigner is required to sign the loan document, but the student is the primary borrower. By signing, the cosigner agrees to be fully responsible for repaying the loan if the student does not fulfill his or her obligations.
Is it possible to remove a secondary cosigner from a car loan?
Co-signing is all about CREDIT. If the buyers credit has improved enough or the buyer has paid enough on the loan to have EQUITY, the lender might remove the co-signor. Its up to the LENDER.
Does the credit of the cosigner gets affected if car is not paid?
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
