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    slyclan's Avatar
    slyclan Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 3, 2009, 02:10 PM
    Can banks let your co-signor legally know what is on your credit?
    Can banks legally let your co-signor know what is on your credit report that requires the need of the co-signot?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 3, 2009, 02:56 PM

    Let me put it this way. I would not co-sign a lon without knowing the history of the other party. That's just plain foolishness. The bank shouldn't have to say anything, the co-signer should already know.
    JBeaucaire's Avatar
    JBeaucaire Posts: 5,426, Reputation: 997
    Software Expert
    		  
    #3

    Jan 3, 2009, 04:28 PM

    The banks? No.

    But no amount of information given to me would console me to sign my name to someone else's debt, not even my own children (and they've asked, believe me, they've asked).

    A person who signs their name to someone else's loan might as well start saving now to pay it off for their "friend". The whole point is the bank already knows this person can't afford this debt, and they want to get someone on the hook who can.

    Good people default on loans, too. It's not about character.
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