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NO! that is wrong In the state of Maryland the must send a certified letter to the co-signer also. Check your state laws

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โˆ™ 2005-04-17 17:14:54
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In New York is the lender required to notify the co-signer before reporting this information on his credit report?

No


What if the co signer has no credit?

If a co-signer has no credit, the person may not be able to obtain what they are wanting. This might be a car, or house, but if a co-signer is lacking something, the company may not allow the purchase.


Does the company repossessing a vehicle have to notify the co-signer?

Read the contract you co-signed. It should relate the info you want. USUALLY, lenders dont notify the co-signor until the car is sold at auction and its time to PAY UP.


Can a co-signer have a negative entry removed from a credit report if the lender failed to notify him that the primary borrower was in default of the loan agreement?

No. There is no legal obligation for the lender to notify the cosigner that the primary borrower is in default.


Can your credit be to bad for a co signer?

The question is a liitle vague. Can your credit be too bad that even having a co-signer won't help? Not necessarily, as long as the co-signer has excellent credit. The co-signer's credit history overrides the applicant's. Can your credit be too bad that you cannot act as a co-signer? Absolutely.


Can a bank put a hold on my mother's acct if I am a signer on her acct and mine is negative?

Levy by credit card company


Can you get around needing a co signer?

If you do not have very good credit or no credit at all, you are going to need a co-signer. If you do not have one, you may not be able to get credit.


How can a co-signer with perfect credit help you get a mortgage loan when you have bad credit?

They sign the papers with you. Basically the lender understands that if you have bad credit, then they will depend on the co-signer to help you out. Otherwise the co-signer will soon have bad credit also.


How can a co signer with perfect credit help you get a mortgage loan when you have bad credit?

The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.The purpose of a co-signer is to guaranty the loan will be repaid. The bank would approve a co-signer with perfect credit but the co-signer should be fully informed that they will guaranty the repayment of the loan. If the borrower with poor credit doesn't pay the co-signer must pay or their perfect credit will be ruined. If the co-signer has no ownership interest in the property they may end up paying for property they don't own.


Do you need a co-signer to get a auto loan?

That would depend on your age and credit rating and the rules of the loan company.


Where can I find a student loan because all my potential cosigners have bad credit?

Find a co-signer with good credit. The whole point of having a co-signer is that their credit history is good enough to cover whatever gaps you have (no credit, poor credit, etc.) No one will grant a loan with a bad co-signer.


How can you rent an apartment with no credit?

You may be required to have a co-signer or a roommate that does have credit.


How will debt negotiation affect a co-signer on a credit card?

A co-signer is equally responsible for any debt, so whatever negotiation si reached will bind the co-signer as well. Initially, the bad credit is reported only to the primary on the account, but if the co-signer cannot step in and make th payments, his credit history can also be affected. NEVER be a co-signer.


How long could a cosigner help you rebuild credit?

Co-signers and CreditA co-signer really doesn't help you build credit, because the loans are actually based on the credit of the co-signer and not you. Type this in Google..........How can I rebuild my credit? for information


Can you refiance a loan and it take off the co-signer?

You should be able to depending on your credit score.


Who get credit on Joint car loan how get credit score?

On a joint car loan, no one is increasing their credit score. This is usually the case when one signer is weak to get approved and require a co-signer. Co-signer is financially responsible for the car loan if signer default on the loan. For more information you can try this web site at http://www.autocreditfinancial.ca


What company offers cosmetic surgery financing for bad credit?

A company called United Medical Credit offers financing for plastic surgery, even if your credit is less than perfect. They also offer the option of allowing you to have a co-signer if your application is denied the first time you submit it.


If you made a couple of late payments on your apartment will this affect your cosigner's credit rating?

Yes, If the co-signer gets "dinged" on the credit report just like they where the signer


Does the co-signer for your auto loan have to live with you?

No. For the best results credit-wise, the co-signer of your loan should have a great credit record, however, they do not have to live with you.


Will apartment lease show up on co-signers credit score?

When the co-signer signed for the signer then the co-signer accepted the debt as his/her own. If the signer does not fulfil the terms of the lease then the co-signer will be responsible and it will appear on the credit report. If and when it effects the credit score will depend what is contained in the report now, example to many debts, not paying per the guidelines of the other debts, etc. Some credit report sites have scenerio calculators, most times they are free to use.


Credit One bank wants a letter from my bank to show that i am an authorized signer on an account that i use to pay the credit card with my bank says they don't do letters what do i do?

Send them a "copy only" of your credit card agreement that you got from the credit card company that won't do it for you.


Can I get a mortgage as the primary borrower and have my husband as a co-signer even if he has a recent short sale on his credit record?

A co-signer with a poor credit history will not be acceptable to the lender since the purpose of a co-signer is to guarantee repayment of the loan.


How is a cosigner affected when the primary signer is late on a payment?

The late payment(s) will show on the co-signer's credit report. If the loan defaults, the company can look for the co-signer to pay the remainder. Co-signing is very risky if the primary borrower has poor credit--it reflects poor payment habits.


If a co-signer files bankruptcy what happens to the primary signers credit if they continue to pay the loan?

Nothing. The primary is all that is concerned. If signer and co-signer are, were, or will be married - that's different. If either the co-signer or the signer is or was dependent to the other, that's different too, but only if it is regarding your current income. Basically, if you pay the bills, you have good credit.


Credit card co signer?

i had a credit card in my name i was just a signer on it but i did use it can i get into trouble with the law for this i was given permission by the main card holder that i could use the card