Hello,
I’m wondering as to the Public Trust clearance if having 1 negative on my credit report, on something for which I was a co-signer, is going to be a problem. I disclosed it on my forms, and answered all the investigators questions truthfully, but this just keeps nagging my mind as a problem. Should I be worried?
Thanks in advance for any guidance.
Depends on if the situation is being paid on or not. If it is an open dispute in court or other legal proceedings I wouldn’t worry. But if you co-signed, now you understand exactly what you were signing up for. If the signer doesn’t pay…you are responsible for the debt. If this is a car loan…you can request the keys. If they will not honor that you can take legal action forcing them to make the payments due or request removal. In doing so they have the car repossessed. It may come down to that. It goes without saying you are bound to me more careful about co-signing in the future. If it is explainable it is understandable. Make reasonable efforts to resolve the issue, catch up payments and end the co-sign relationship.