I helped my daughter get a new car back in March of 2015, She been late on her payments three times. My credit report went from nearly 700 at the time of purchase and now it is down to 580. I thought I was a co-signer for her at the time and the creditor says she is not listed on the loan.. All of my debts on the credit report are listed as no missed payments. but hers is showing up as delinquent. Why should I be penalized for her negligence. Is there anything I can do to get my credit rating back up where it was? It is not my fault she is not holding up to her end of the deal. Thank you, Paul Bowers
1 Answer from Attorneys
I would recommend that you have your daughter pay you the money for the car and then you can pay the loan company. If she doesn't pay you on time, you can pay the loan and then go after her for the money. By making the payments on time each month yourself your credit score will rise and you won't have to worry about any of the payments being late.