Respuesta :
It is true that defaulting on private loan can impact co-signer's credit negatively.
To co-sign is to sign together with a borrower for a loan. A co-signer takes full authority to pay back a loan, accompanying the primary borrower.A cosigner can also assist a borrower to get more desirable loan terms than what might have been otherwise approved for.By taking the help of cosigner,the borrower may qualify for a bigger amount of principal.
Usually a co-signer may be a family member. The co-signer is committed to pay any missed payments. If the borrower doesn’t pay any amount, the co-signer is even compelled to pay the full amount of the loan . The co-signer’s credit is also negatively impacted if the borrower is making late payments.
To learn more about co-signer's credit here
https://brainly.com/question/1992851
#SPJ4
