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Is it a good idea to cosign a loan?

Cosigners lend their names and good credit histories to the maker. Should the maker die, lose a job, or otherwise fail to make payments, all responsibility for meeting the terms of the loan transfers to the cosigner. An often overlooked aspect of cosigning a loan is the fact that the loan appears on both the maker's and cosigner's credit reports. As a cosigner, it is your responsibility to be aware of the loan’s status and make any necessary arrangements should the other borrower not be able to reliably make his payments.

 

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