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Like any other debt you are responsible for, it can be reported to credit reporting agencies as a debt you owe. Owing money is and of itself is not necessarily bad, but remember that
1) creditors may look at how much debt you have in deciding whether or not to grant you credit, and
2) if the other borrower fails to pay, you have to pay yourself, or your failure to pay as agreed can also be reported.
You can be released from the cosigner obligation if you have the original debtor consolidate the loans in only their name. Here is a site that can help consolidate the loans www.defaultms.com
What else can I help you with?
If you cosign for a student loan does it show up on your credit report before or after the student starts making payments?
It shows on your credit report even before they start making payments.
If i cosign a car for someone will my name come off in a year?
No. It doesn't come off until the loan is paid and if the person who is getting the loan doesn't pay you will owe for the loan. When you cosign it also goes on your credit report.
Can someone cosign with disability?
Yes. Just have the co-signer with the better credit score fill out the application as the first applicant. They won't necessarily even run a credit report on the second applicant.
When you cosign for a vehicle will it be on your credit report and therefore effect the cosigner when they attempt to make a major purchase in the future?
Yes, all action on the part of the primary borrower will be reflected on the cosigner's credit report.
If you cosigned for a credit card and the person defaulted on it and you were never notified of the default can you fight this on your credit report?
You can try. It probably won't work. Basically lenders assume that if you cosign for something, you understand the risk. They don't care if the primary person forgot to notify you that he/she was having trouble. It's not fair, but it will make you think hard before you cosign for someone again. Be very careful.
Can a credit provider report a guarantor to credit reporting agencies based on the defaults committed by the principal?
If you're talking about a cosigner, then yes. The cosigner's credit gets dinged also. Be careful about who you cosign for.
If you cosign a student loan does it show up on your credit report?
YES IT DOES....IF THAT STUDENT LOAN DOESNT GET PAID OFF BY THAT PERSON IT WILL COME BACK ON YOU AND CAN MESS UP YOUR CREDIT.MY FATHER COSIGNED FOR MY SISTERS STUDENT LOAN.BAD MOVE!!! BUT YOU LIVE AND LEARN......SO THINK ABOUT IT FIRST. Yes, it does. The reason is because you have to assume responsibility is left unpaid. This is considered debt to you.
Where can one view my credit report?
Someone can view their own credit report from a number of credit scoring agencies, such as equifax, transunion, and annual credit report, and experian.
How can I get a credit report on someone?
To get a credit report on someone, you can request it from one of the three major credit bureaus - Equifax, Experian, or TransUnion. You may need the person's consent or a permissible purpose under the law to access their credit report.
Will back taxes effect your student loans?
No, but is will affect your credit report.
What are the release dates for Nightly Business Report - 1981 Credit Crunch Hits Student?
Nightly Business Report - 1981 Credit Crunch Hits Student was released on: USA: 28 December 2007
Can I report credit card fraud if I know someone who has someone elses credit card?
Yes I believe you can report credit card fraud if you know someone who has someone elses credit card, if let's say one of your friends or family member got there credit card stolen and you also know the person who stole the credit card you can report a credit card fraud or you can just let your friend or family member report fraud on there credit card, I hope this helps :).
