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Hello experts :)
I have a question.
I cosigned for car loan for my friend in 2003. He then got into an accident and moved. But Toyota motors came after me for the balance. My friend wasn't aware about the insurance company trying to reach him because he had moved and he claims that he never got the letters in the e-mail. However, I made sure my friend paid off the balance immediately to Toyota motors and that was that.
After checking my Fico score, I still see that account in my account as an "Account with negative indicators". What I would like to know is if this negative will ever fall off my credit report? If it does, then by when will these fall off?
Thanks.
co signer blues
Hi Ashlyn,
Yes, the negative will fall your credit report. You need to check out when the negative was first entered on your credit report. It is supposed to stay there on your credit report for 7 years. You can also try to remove it through certified mail, requesting a return receipt.
Thanks,
Aaron
when did this happen? what state do you live in?
your friend was pretty irresponsible, I would trying a little whining an complaining to get this off early. since it is a paid account, many companies won't work too hard to keep it.