Credit ruined by a co-signer. Need help!!!

[Anonymous]

Hello, I looking for advice on how to get my credit back up asap. I've had great credit, low 800's, then a few months ago I got a call from a bank I co-signed on a loan with for a family member. The loan was a few months behind. So I went and paid the loan current that day right after they called me. The bank has all of my contact information but didn't manage to contact me until it was too late. The loan us been late several other times before that which I found out from my credit report. Once again, the bank never contacted me. Had he bank let me know, the loan would've never been late. Is there any way the bank can be liable for any of this? What should I do? My whole credit history doesn't have one late payment on it and now bc of this it's ruined. Trans Union and equifax are low 600's and experian doesn't report it so it's still low 800's. But with the late payments showing up I can't get anyone to loan me a stick of gum. Any help is greatly appreciated.

[Anonymous]

As the co-signer, you are only there to help boost the primary borrower's credit power. The PB is the one who will get the bills and phone calls in most cases. The lender is not required to notify you that the loan has become delinquent. That is your responsibility as the co-signer. Unless you had some sort of agreement in writing with the debtor indicating that you are to be contacted in the event of a delinquent payment, then there really isn't much you can do outside of writing a GW letter and asking them to remove the late payments from your credit report.

[Anonymous]

I sent them a nice email asking and they weren't willing to negotiate. Will it really take 7 years to get this off of my report?

[Anonymous]

---

@Anonymous wrote:
I sent them a nice email asking and they weren't willing to negotiate. Will it really take 7 years to get this off of my report?

---

Each late payment will become excluded 7 years from the date it occurred.

Thats the risk of being a co-signer on a loan.

[gdale6]

I would be requestng copies of the monthly documents that go out so you can keep abrest of this, they cannot refuse this request as you are also a borrower on the account, if they give you guff on it file a complaint with the CFPB. Make the request in writing send it certified to the bank.

[Anonymous]

Not sure what kind of loan this is but if it's a car loan. Call in and see if payment has been made. Car loan have a 10 day grace period. If it's not paid take the vehicle back from said family member

[elim]

Log in to the account often or add the account to Prism or Mint so it doesn't happen again.

Sorry OP,  welcome 

[Anonymous]

---

@Anonymous wrote:
I sent them a nice email asking and they weren't willing to negotiate. Will it really take 7 years to get this off of my report?

---

This is one of the negative results of acting first and asking later. After you paid the acct it is too late to go back and try to negotiate. He who holds the cash holds the power and they have both now. Again, I'm soooo sorry for your situation but an ounce of prevention would have saved a pound of regret. Asking the question here about how to handle it before you went down and paid it would have resulted in you having a better chance of coming out with the desired result. I know in your mind you did what was right by paying for someone else's mistakes in hopes of secur

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:
I sent them a nice email asking and they weren't willing to negotiate. Will it really take 7 years to get this off of my report?

---

This is one of the negative results of acting first and asking later. After you paid the acct it is too late to go back and try to negotiate. He who holds the cash holds the power and they have both now. Again, I'm soooo sorry for your situation but an ounce of prevention would have saved a pound of regret. Asking the question here about how to handle it before you went down and paid it would have resulted in you having a better chance of coming out with the desired result. I know in your mind you did what was right by paying for someone else's mistakes in hopes of secur

---

Even if op was to ask for deletion for payment he wouldn't get it. The lates too recent they not going to take it off just cause you bring account up to date. If you don't bring it up to date u will be having 60-90-120 days late on account and after will have FTP charge off or repo