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Risks involved with co-signing
Co-signing for a family member, relative, or close friend is a wonderful thing to do but it does come with risks. If the person you have co-signed for does not pay his or her bills and gets reported late on their credit report, it will also be reported late on your credit report as well. One recent late payment can drop your credit scores by at least 60 or more points and will take you months if not years for that drop in credit scores to go back up to where it was. A judgment due non-payment can reflect on your credit report as well too if the person that you have co-signed for gets a judgment due to not paying the bill or debt obligations. When co-signing for a family member, relative, or friend, make sure that they will be financially responsible and pay for the debt obligations that you have co-signed for. If they do not have a steady source of income where you forsee that they will have trouble with making the payments, it may be best not to co-sign and avoid future hard feelings.


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