I co-signed to help a friend purchase a motorcycle. He is still paying it off but has made a few late payments (over 30 days) and this is displayed negatively on my credit report. Can I get these accounts removed or is that part of what I signed my life away for when I co-signed to be a guarunter (sp.)?
2007-06-03 12:30:16 · 9 answers · asked by Drew 3 in Business & Finance ➔ Credit
You can dispute any information that is on your credit report, true or not. The bureaus will contact the business that is reporting the negative and if the business does not respond that it is indeed true within 30 days the bureaus will remove it from your report. If it gets sold to a collection agency it can report again but it can not report from the original company once it has been removed. Older items are very easy to get knocked off your report. Most times companies will not bother with checking on an older account. I have done this numerous times for clients. It takes about 45 days from the initial dispute to receive your letters from the bureaus telling you weather or not they removed the items you disputed.
2007-06-03 12:50:43 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Ist you need to let your friend know everytime he makes a late payment it shows on your credit report and it is ruining your credit (and in relation your friendship)
When you co signed you agreed to pay the bike if he were to default so basically according to the bank you purchased it with your friend. You cannot get the item removed from your credit but you could attach an addendum to your credit report explaining the situation.
You could also request the bank remove you as a co-signer...this would entail your friend re financing the bike under his own name. It probably won't work (all parties must agree to it) but it is always worth checking into.
Now you have learned a lesson I hope that helping a friend is great but not at the expense of your own credit.
2007-06-03 19:39:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NEWSFLASH: Your friend did NOT get a loan to purchase a motorcycle. YOU got a loan to buy him a motorcycle. Then you counted on him to make the payments. Like it or not, that is what co-signing means. The ONLY way to keep late payments on the loan off your credit report is to make sure there are none. You actually agreed to do exactly that when you co-signed the loan.
2007-06-03 20:53:11 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
As a co-signer, you agreed to make the payments if your friend defaulted on the loan.
So the answer to your question is no, there is nothing you can do to remove correct information from your report.
What you might do is contact the lender and have the bills sent to you and then collect the money from your friend. At least that way you can make sure that there are no more late payments.
2007-06-04 10:01:30 · answer #4 · answered by ? 7 · 1⤊ 0⤋
Sorry - that's all part and parcel of being a co-signer. When you put your name on the dotted line, you agree that you will be responsible if the friend misses payments. You are also agreeing that his payment history will become your payment history too. No way to have that removed.
:-(
2007-06-04 10:11:16 · answer #5 · answered by YSIC 7 · 0⤊ 0⤋
No. As a co-signer you cannot have accurate information removed from your credit report.
2007-06-03 19:37:28 · answer #6 · answered by JacobK 3 · 1⤊ 0⤋
you can contest anything on your credit report. The credit company will look into it and send a letter to the collector if the collector does not respond or if you have a reasonable reason to have something removed they will remove it or change the details of it on your credit report.
2007-06-03 19:53:19 · answer #7 · answered by toytoyg1 2 · 0⤊ 1⤋
unfortunately, this is one of the bad things about cosigning for someone, there credit becomes yours and yours becomes theres. there is really nothing you can do. This is why its not really a good idea to get money and friends mixed together, there is always a problem.
2007-06-03 19:38:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
since you co signed, its pretty much the same... sadly its going to stick to you.. however he treats his credit thats how your will look as well. just make sure he doesnt miss n e more payments, and good luck.. sorry bout what happend
2007-06-03 19:37:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋