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If you cosign a loan will the loan amount show up on your credit report as a debt even though you are not the primary borrower?

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Wiki User
2015-07-15 19:49:22
2015-07-15 19:49:22

Yes. Co means equal. You are both equally responsible for the loan.

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New HeadlineCosigners are not reported in MI, IL or CO. It is state law.
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If the secondary borrower is not paying the loan, you must take the vehicle back from the secondary borrower before the bank takes back the vehicle and ruins your credit. You will learn from that not to cosign a loan.

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It will be listed on the person's credit report. How it affects the report depends upon the amount co-signed for, the co-signer's personal debt-income-credit ratio, and if the primary borrower honors all the terms of the agreement, and other factors.

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Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.

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He has the right to make the payments or have his credit ruined. DON'T cosign a loan unless you are willing to make the payments if (when) the primary borrower defaults.

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There is no "protection" for a co-signer except paying the loan if the primary borrower doesn't pay. If you don't pay the loan then your credit will be ruined. If you pay off the loan you can try to sue the primary borrower in civil court but the chance of reimbursement isn't generally good if they needed a co-signer in the first place.Understand that when you co-sign for a loan you are guaranteeing that you will pay if the primary borrower doesn't.


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