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Erasing or disputing cosigned student loan won't work

Tue Sep 30, 2008 11:09PM | By Tony

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Q: I cosigned for a student loan for my friend, it showed on my credit report and lower my credit score. How can I dispute or erase that cosigned loan from credit report?

A: You can't do either. We extensively covered those topics in September, just review Cosigning a student loan - a sure way to ask for troubles! and Cosigning a loan - things to consider before cosigning. You simply can not dispute, never mind erase any cosigned loan - period, end of story. But ...

First of all, it shouldn't lower your score, it is installment loan so unless your friend was late it should do no harm,
contrary to that, it will even help your scores. However, the monthly payment can be counted as an expense and may affect your debt to income ratio.

Second, the only way to get it off of your credit report is to politely ask the lender. It may do it, but only if your friend has been paying this loan for a long time, something close to at least 3 - 4 years, and always on time. Even then, it is entirely up to the lender, but you have a chance, and again, I want to emphasize that you can't dispute but only request. If it is a fresh loan, then it is very unlikely you can do anything about.

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