Lenders have to follow rules before they hurt a borrowers credit, but they can do anything they want to co-signers!

There are strict rules for lenders that say when they can damage your credit by reporting missed payments, etc. However, none of these rules apply to co-borrowers or co-signers! If you co-sign on a loan, lenders can put anything they like on your credit report without telling you. If you've co-signed on a loan, you may have already ruined your credit without knowing it! The same rules that apply to borrowers need to also apply to co-borrowers.