A Vacuum of Information

You may not be notified should the borrower miss a payment.  Time after time the loan payment may be missed and as a cosigner, you may never know.  That is until the loan is in default and the collateral has been repossessed. 

By that time, it may be too late for you to save your personal credit rating and protect your good name.  Don’t assume this involves only vehicle payments.  Don’t get involved in renting an apartment either.  You could not only be liable for rent and utilities payments, but you may also be responsible for any damage deemed to have been done to the living quarters.

Your thoughts on this subject?  Your comments appreciated!

Content © Rich Brott, 2007

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