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Conroy1

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How do I remove negative information on mycredit report?
I cosigned a loan for a family member. I did not become aware that the loan was not paid until it went into default. I paid it off immediately as soon as I became aware of it. This is showing as a negative on my credit report. How can I rectify this?

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Unfortunately, this negative will remain for seven years because, as co-signer, you were guaranteeing the loan.  That's why co-signing is never recommended.  If someone doesn't have adequate credit to get a loan on their own merits, they shouldn't have it.

Should you apply for credit before the 7 years have passed, be proactive and let the potential creditor know that you took care of this loan after you learned it had been defaulted on.  That may help reduce the negative factor on your report.

Top Contributor
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You can try one thing, send a letter to the creditor and explain the situation.  If you're really, really lucky, they'll take pity on you and remove the late payments.  Personally, I haven't had much luck with this, but it never hurts to try.

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