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.
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.
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.
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.
Nope.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.
The cosigner I believe but check with the loan issuers it's in the details.
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.
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.
You don't have to contact anyone. The lender will report information on the primary borrower, cosigner, joint owner, guarantor, and other relationships.
No
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.
It will appear on the CR of both parties.
Nope.
Yes.
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.
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.
Oh yes it does. That person put their credit on the line when they signed the contract making me a cosigner.