QUESTION

debt shows up on my credit report, I co-signed, am I responsible

Asked on Jul 17th, 2015 on Collections - Florida
More details to this question:
I co-signed for my niece on a lease on an apt. She moved out under extenuating circumstances. Mom went bankrupt and included this debt. I received a debt collection notice on my credit report but did not receive any letters from the creditor. Am I responsible to pay this debt?
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1 ANSWER

Commercial Litigation Attorney serving St. Petersburg, FL at Law Office of Guy P. Coburn
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The pupose of "co-signing" is to make you equally responsible for the debt.  It does not matter than they did not send you a demand letter.  The Creditor may not know how to contact you, or more likely, the creditor simply does not bother actively trying to collect debts for defaulted apartments, because the chances of collecting anything is very low.  (If someone could not afford to pay his or her rent, the odds are not good that the person can pay the debt later.)  So they probably just put the entry on your credit report hoping that you will pay it off if you want to obtain credit later.
Answered on Jul 20th, 2015 at 1:34 PM

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