Cosigner

Banking & Credit

A cosigner is someone who agrees to be equally responsible for a loan or credit line if the primary borrower doesn't pay. Cosigners are commonly required for student loans, auto loans, and apartment leases where the primary borrower has insufficient credit, income, or history. The cosigner's credit takes the same hit if the borrower defaults — and lenders pursue the cosigner aggressively. Cosigning is an enormous financial favor and should be done only for people you completely trust and only if you can afford to make the payments yourself. Cosigner release is sometimes possible after 12-48 months of perfect payments.