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Posted in Auto Loans
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Question By
NAVWI

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Cosigning Tragedy
Am new to America. Didn't know nothing about the implication of cosigning. Somebody made me do it for his car loan. He is not making payments and it has affected my credit. Is there any legal way to get myself out of this? Am just a student from Africa and does not make money to pay even for my tuition. Please help!

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There are those that prey on people

Helpful to 1 out of 1 people

Sorry to hear that one of these scam artists found you.  You are not alone this happens to many people that don't understand the credit system in this country, including many natural born citizens.
Get free copy of one of your credit reports.  You can get 1 free copy from each Credit Bureau once a years. Don't pull all 3 of your credit reports at once. You'll want to pull another report in 4 months and again in 8 months so you can see the progress on your credit report. All 3 share information so what you see in one will be very close to whats on the others.   Do this at the government website  AnnualCreditReport.com

Print and  Go through the report with a marker.

File a "Personal Statement" with each of the 3 major Credit Bureaus. You can read up in the articles and blogs about how to do that. There you can explain what happened to you and that you are trying to correct the problem.    File disputes on all negative information that you found on your credit report at each of their websites.

Follow through by writing "Validation Letters" on the same info and mailing them to the Credit Bureaus.  Google "Validation letter" for more info and templates.  There will also be more info on the the Credit Bureaus websites.  In the validation letter take time to explain your situation and that you believe that Fraud was the intention when you shared the info. 

You have a very good chance of getting this off your report fairly easily.  

Follow up by monitoring your reports here on CK and don't forget to pull the other reports to see how things are progressing in your file.  

Be aware too that this system is slow and takes a long time for things to report and cross report.  Even in the day and age of instant information, the credit system still moves in increments of weeks not minutes.  It can often take up to 60 days for things to show up on your reports, same for correcting mistake so don't expect instant results.

Good luck  

Reply by
NAVWI

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THANK YOU SO MUCH!! THIS IS EXTREMELY HELPFUL!

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