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Old 10-22-2019, 02:31 PM
Location: Ohio
20,916 posts, read 14,810,721 times
Reputation: 17196


Originally Posted by anoneemus1313 View Post
Know someone with bad credit conned someone into leasing a car for them with them as the co signer because their credit was so bad the interest would've been over 20%. They insist it will improve their credit score but everything was done in the other persons name-the bill, lease and insurance with them as an authorized driver. It's not their debt per say. In the meantime the other person got more credit card and heloc offers shortly after.

I don't think it will have the effect they're looking for. Also couldn't the person with good credit have their score lowered since the co signer is paying the bill. I guess if they pay on time the person with good credit gets credit for another bill paid.
Repeat after me until you understand: There is not now, nor has there ever been, any federal or State law that compels any creditor of any kind or any debt collector of any kind to report credit information.

Whether or not a creditor or a debt collector reports credit information is matter of that entities unique policies for their business.

Credit reporting is not free, which is why no court in the US, federal or state or county, reports credit information like bankruptcies, judgments or liens.

That is all reported by private individuals who work for various entities who access that information on-site.

Credit reporting or reviewing requires the payment of annual subscription fee based on the number of transactions annually, in the same manner a vendor pays VISA or MasterCard or American Excess or Discover a fee based on the number of annual transactions.

The lowest cost subscription service is access to header info.

That would be what your local non-corporate non-big-box furniture or appliance store has, and they will only likely have access to one credit reporting agency, not all three of them, due to the cost of the annual subscription fee.

That allows them to see your name, your date of birth, social security number, telephone number history, address history, employer history as reported by you and your wage/salary history as reported by you on credit applications.

The next highest subscription level allows them to see the header info, plus the number of trade lines, but not the actual trade lines.

The next highest level allows them to see the header info plus the actual trade lines, so they can now see your payment histories.

The next highest level allows them to report credit information such as payments and defaults.

The highest level allows you to flag accounts for monitoring, so that if you change your name (like a woman who marries would) or phone number or address or employer or have a credit inquiry or a new trade line is added or you dispute a trade line with a credit reporting agency you get an e-mail notification.

That's how that works.

There are other credit reporting agencies that specialize in the reporting of certain information.

If you overdraw your bank account and then welsh on it, it's unlikely the bank will report that to TransUnion, Experian or Equifax. There are three other credit reporting agencies that specialize in reporting bad checks, bad bank customers and such.

There are specialty credit reporting agencies for landlords.

And there are specialty agencies for utilities. Spectrum, Verizon, your gas and electric company generally don't report to Experian, Equifax or TransUnion. They have special agencies they use.

And, yes, you're entitled to a free annual credit report from all of them.
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Old 12-03-2019, 10:29 PM
94 posts, read 8,553 times
Reputation: 54
The principal signer and co signer both are liable to pay the lease and it affects both of their credit scores. But why a person agreed to sign a lease for the other one?
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