Co-signing loans and then divorce...

Keeping in mind that I'm no lawyer-- and therefore not dispensing legal advice-- does your judgement of divorce indicate that hubby is solely responsible for this debt? If so, send a copy of same to all 3 credit bureaus and request that they make appropriate changes to your record.

How do you put comments on your credit report? I've never seen that before.

I've seen a lot of people's credit get ruined from divorce. Unfortunately, it's pretty difficult to get the bank just to wipe out late payments. If you co-sign, getting a divorce doesn't clear you of financial obligations on that loan.

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The Fair Credit Reporting Act (FCRA) is a federal law that regulates how credit reporting agencies use your information. Enacted in 1970 and substantially amended in the late 1990s and again in 2003, the FCRA restricts who has access to your sensitive credit information and how that information can be used.
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The FCRA is a complex piece of legislation and contains numerous provisions not discussed on this page. Below are several important features of how the FCRA that are designed to help consumers (for the complete text, visit the Federal Trade Commission). The FCRA protects you by ensuring that credit reporting agencies:

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Since you are a guarantor on the note, now that the note is past due, you should call the bank and tell them to re-possess the boat.

My guess is your dopey "ex" will make the payments.

woiyo wrote:

Since you are a guarantor on the note, now that the note is past due, you should call the bank and tell them to re-possess the boat.

My guess is your dopey "ex" will make the payments.

TERRIBLE advice.

First off, MB already said the loan is either paid off or refinanced, so it doesn't matter anymore.

Second of all, you do NOT want a repo on your credit report. It will ruin your credit.

JPB, thanks for highlighting that...I never saw anybody do that before.