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You bought a car someone else is making the payments and has defaulted on the loan can you get this off your credit report?
Wiki User
∙ 17y ago
The car, regardless of who's making the payments, is your responsibility. You bought it, you're the owner. This is why it's not wise to buy such large items for others and then assuming they'll make good on the payments. If you have a written agreement with the other person that states they're responsible for payments, you could sue them to collect, but as far as lenders and your credit are concerned, the car belongs to you.
Wiki User
∙ 17y ago
Wiki User
∙ 6y agoThe answer depends on who signed the loan documents. If you signed with a co-signer the default will stay on both credit records.
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If you cosign an auto loan for someone and they refinance in one year and remove you from the loan how will that affect your credit assuming all payments are made on time?
The cosigner's credit isn't affected one ioto unless the person who was responsible for the loan payments defaulted, then and if the cosigner also defaulted. In other words, just being a cosigner does not affect ones credit ratings.
How is a credit rating scored for a person with loans?
Credit ratings are scored according to a person's previous repayment history. So if someone has previously made all their repayments on time, their credit score will be higher than that of someone who has consistently defaulted on payments.
If you have a line of credit are you still able to get a loan?
in actual fact it may even be easier as long as you haven't defaulted on any payments.
You just bought a 15000 diamond ring on credit no payments for 1 year Now you are filing bankruptcy Do you get to keep the ring?
no if you still have it yes if you gave it to someone as a "gift"
If you make three consecutive payments on a defaulted car loan are you still considered in default?
Once a loan of any kind has defaulted, there is no changing it. If you mean that you missed one payment, this is not necessarily a defaulted account. Once the lender sells your debt or passes it to an agency to recover the amount owned, then things are different. In the UK a missed payment or late payment will show on a credit search for six years. This can be removed if the total amount of the loan has been paid and you write to the credit agency to ask them to remove the information. Do not pay someone to do this, it costs nothing!
What Is A Credit History And What Is Bad Credit?
A credit history is a record held by credit reporting agencies like Equifax and Experian, of the credit you currently have and have held in the past. It also records how good you have managed that credit. There are many factors that determine your credit history. For instance, you may find you have got bad credit in case you have missed payments or defaulted on a loan.
Can a lien be put on your home that is in your name only because your wife's parents defaulted on a mobile home she bought them 6 years ago under her credit and hers only?
No.
If your income tax is offset what happens?
Generally, it means that your income tax refunds are withheld and applied as involuntary payments of defaulted student loans and delinquent child support payments. But it may mean a credit, in the case of the state of Missouri's non-resident tax offset credit. Non-resident students get a dollar-for-dollar credit on the non-resident part of their tuition.
What is offset income tax?
Generally, it means that your income tax refunds are withheld and applied as involuntary payments of defaulted student loans and delinquent child support payments. But it may mean a credit, in the case of the state of Missouri's non-resident tax offset credit. Non-resident students get a dollar-for-dollar credit on the non-resident part of their tuition.
When two people get married does there credit score become one?
No. Your credit score is always your own. Your spouse's credit does not affect yours (and vice-versa) unless you apply for credit jointly. However, even if you are extended credit jointly, any late payments or defaulted loans appear on each of your credit scores, and affects your credit scores individually.
Why do lenders carry out a credit search?
Simply to find out whether the person they may be lending to - is a good 'risk'. A credit search will reveal if a person (a) has exceeded their credit limit, (b) delayed or missed payments on a loan or credit card, or (c) has defaulted on payments - resulting in a county court judgement (CCJ) against them.
What is the benefit of getting defaulted loan off of credit report versus paying off defaulted loan?
ask an asian.
