By signing your name to that credit card or car loan you guaranteed payment to the bank. That means you promised the bank to pay back the loan if the primary borrower defaulted. Both parties who signed the loan are 100% responsible for the entire debt- not a 50/50 division. That default usually has no conditions. That means if the primary borrower died, skipped town, lost his job, or has money but is choosing not to pay the creditor can sue you. As co-signor you are just as responsible for the debt as the primary borrower without the benefit of the goods purchased.
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A credit score is a number based on the information contained in your credit report. There are multiple credit reporting agencies and many have their own scoring system based on secret formulas. The mostly widely used system is called the "FICO" score as developed by the Fair Issac Corporation, a for profit company. Lending institutions use this score to measure the risk involved with giving you a loan. FICO scores range from 300 to 850, with the higher number being best. It is important to regular monitor and fix credit report errors as soon as possible by disputing an innaccuate information contained on your credit profile.
North Carolina generally does not allow for garnishment of wages for Civil Judgments. This leaves little options for creditors outside of seizing property to satisfy judgments. If you have been served by the Sheriff or certified mail make sure you properly file your exemptions with the Court within 20 days.
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