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If I co-sign loans for someone who is unemployed, does that adversely affect my credit rating?

April 26, 2017adversely affect co-sign co-signing credit Credit rating Finance Loans unemployed

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If I co-sign loans for someone who is unemployed, does that adversely affect my credit rating?

1 Answer

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It adversely affects your credit rating only if the unemployed person defaults on the loan. Then it would be up to you to pay it entirely or your credit rating could be severely damaged.