What if a friend, relative, or companion makes charges on my credit cards?

If you co-sign a loan, or give them authorization to charge to your credit cards, YOU are still responsible for the debt. If they promise to pay you back, even if they leave or don't honor their commitment to pay you or the credit grantor, the debt is still your responsibility. If you default on any such obligation it will become part of your credit file. The credit grantor may also try to obtain payment through collection agencies, or sue you for the balance due.

 

Back to Credit FAQ Index