The Federal Trade Commission says that as many as three out of four co-signers are requested to make payments on a loan. When you're asked to co-sign, you're being asked to take a risk that a professional lender won't take.

If you do cosign, there are some things you should do to help protect your credit report. For instance, be sure to ask the lender to notify you immediately of late payments or any other troubles on the loan.

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