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Posted in Auto Loans
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Question By
rcandy

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How do I add a note about late payments?
I made a mistake in co-signing on an auto loan for my son. When he lost his job he was lying to me about the status of the loan. By the time the bank notified me, the loan was four months in arrears. While I made good on the arrears, the late payments appear on my report. How to erase this blemish?

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Top Contributor
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Write a Letter

Helpful to 2 out of 2 people

I had a simular situation, Luckily I caught mine right away and was able to repo the car from my son and took over the payments until I sold the car.

You can write a letter to the CRA's explaining the situation.  It won't change the numbers and it won't remove the dings on your report, but you can request that it be sent with along with any inquiry to your report.

After some time has past (6 months or more)  and you have made all your payments on time and kept your history clean, you can write again and ask the CRA's to remove the dings. They may or may not, but it's worth a shot.

A lesson well learned? Never co-sign a loan.

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