J
james12
Guest
Co-signer dinged, is it legal?
My husband cosigned for a car lease for our daughter through FirstStar Bank. She began making late payments after she was laid off, then no payments at all without telling us.
The banking institution neglected to inform us as well -- until two weeks ago when they finally phoned us as they were preparing to repossess her vehicle. We immediately - that moment - brought her balance up to current by means of a wire transfer of cash of over $950.00.
His car lease is up this month and he must get a car. We had Triple A credit, but today found that her nonpays have hit our credit report as OUR nonpay and my husband was denied credit for a car. The odd thing is that we both have car loans through this same bank, and are NEVER late on our payments.
We contacted the bank to ask them why they hit his credit report when they never informed him of the late payments dating back to March 2001. They replied that they were "not bound by law to contact us" and that they "could hit our report with her credit, as though it was our own", even though we had no knowledge of her late and/or nonpayment.
Can they do this? Is it legal that they refused to contact us at the first sign of trouble yet hit our credit report as though it was our negligence? What can be done to correct this problem on our report? This is very discouraging as we have worked very hard to maintain excellent credit on our own and do not understand how they cannot contact us about a problem yet charge us with nonpay. Especially so when we personally are in good standing with our accounts with this bank.
Thank you.
james12
My husband cosigned for a car lease for our daughter through FirstStar Bank. She began making late payments after she was laid off, then no payments at all without telling us.
The banking institution neglected to inform us as well -- until two weeks ago when they finally phoned us as they were preparing to repossess her vehicle. We immediately - that moment - brought her balance up to current by means of a wire transfer of cash of over $950.00.
His car lease is up this month and he must get a car. We had Triple A credit, but today found that her nonpays have hit our credit report as OUR nonpay and my husband was denied credit for a car. The odd thing is that we both have car loans through this same bank, and are NEVER late on our payments.
We contacted the bank to ask them why they hit his credit report when they never informed him of the late payments dating back to March 2001. They replied that they were "not bound by law to contact us" and that they "could hit our report with her credit, as though it was our own", even though we had no knowledge of her late and/or nonpayment.
Can they do this? Is it legal that they refused to contact us at the first sign of trouble yet hit our credit report as though it was our negligence? What can be done to correct this problem on our report? This is very discouraging as we have worked very hard to maintain excellent credit on our own and do not understand how they cannot contact us about a problem yet charge us with nonpay. Especially so when we personally are in good standing with our accounts with this bank.
Thank you.
james12
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