I helped my son when he was in college by co-signing loans and also co-signing for a car. He now has a job and has been paying his loans and car note on time https://cashadvancecompass.com/loans/refinance-personal-loan/ for the past two years. If he refinances his vehicle in his name, how can it be removed off of my credit? The student loan lender told my son I would be removed after two years of payments. How quickly will these two items be taken off my credit, or are there steps I can take to assure they are removed?
Let us not forget what a credit report is. In essence, these documents are nothing more than a record of what you — the consumer — have done with any funds that you’ve borrowed or legally owe. As long as the entity that you’re doing business with or are indebted to are allowed to report information, they may choose to do so.
For example, if you owe the federal government for back taxes, the IRS may send notice of a lien to the credit reporting companies. If you didn’t pay child support when you should have, that arrearage will probably end up on your report.
Can you Remove Co-Signed Loans From Credit Reports?
And if you signed your name for a credit card or loan product — whether as an individual or as a joint owner — the bank will post the corresponding data to the credit reporting agencies.
- Is the data correct? If so, it will be listed.
- Is the data positive? If so, it may be listed indefinitely.
- Is the data negative? If so, it may be removed after a set period of time.
As a co-signer, you and your son went in on the car and student loans equally. That duel ownership is noted on your reports, as is how he’s managed them thus far. If your son continues to pay on time, your credit reports will look good. There is nothing wrong (and everything right) about that. It helps both of you appear responsible and enhances your credit scores. However, if there are missed payments, evidence of the delinquency will remain on each report for seven years from the date it took place.Leer más