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Don't Cosign Your Child's Loan. [07/04/2006]

Don't Cosign Your Child's Loan.

Consumer Tip from Rick Rahim

Often, parents cosign for credit cards or other loans for their children. You may not be aware that in many states, creditors have no obligation to notify cosigners when a borrower falls behind in payments or exceeds their credit limit.

Because of this, you could become liable for late payments and other penalties without ever have known there was a problem. As a result, your credit score could also suffer.

Instead of cosigning your child's loans, flip it around. Have your child cosign the loans or other credit lines in your name instead. By doing this, your child still gets the benefit of building his or her credit history; while giving you added peace of mind, since the statements will come to you.

Rick Rahim is the President of the Online Business Bureau and a Consumer Advocate Author


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