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12 FOR ACTION... MAYBE YOU HAVE A FEW CREDIT BLIPS. MAYBE YOU DON'T HAVE A STEADY STREAM OF INCOME. NO MATTER THE REASON, YOU MAY NEED A COSIGNER TO HELP YOU GET THAT LOAN. TONIGHT, PROBLEM SOLVER SUSAN HOGAN REVEALS A NEW TREND THAT ALLOWS YOU TO "BUY" A COSIGNER. BUT ARE THEY WORTH THE RISK? SUSAN JOINS US NOW WITH MORE ON WHAT SHE'S FOUND. (SH) IF YOUR CREDIT IS BAD YOU USUALLY NEED A COSIGNER TO HELP YOU GET A CREDIT CARD, LOAN..WHATEVER IT MAY BE. BUT, SOMETIMES FINDING A COSIGNER ISN'T EASY. BUT THERE IS A BACKUP AND IT'S AS EASY AS LOGGING ONLINE. WHEN JOHN DIGGS FOUND THIS APARTMENT, THERE WAS JUST ONE CATCH. :06-:09 SOT John Diggs Used Cosigning Service"My credit has some challenges, and the landlord requested that I get a cosigner JOHN DIDN'T WANT TO BURDEN HIS FAMILY, SO HE PAID A COMPANY TO COSIGN THE LEASE FOR HIM. SOT "I didn't know these kind of services existed. JANNA HERRON A BANKING EXPERT SAYS THE PREMISE IS SIMPLE: FOR A FEE, COMPANIES LIKE WE-COSIGN, INSURENT, AND CO-SIGNER-DOT-COM WILL GUARANTEE YOUR LEASE FOR A CONTRACTUAL PERIOD OF TIME, EVEN IF YOU HAVE BAD CREDIT OR AN UNSTABLE SOURCE OF INCOME. SOT Janna Herron, Banking Expert If you default, they pay the landlord the rest of the lease FEES VARY DEPENDING ON THE SERVICE, BUT YOU CAN EXPECT TO PAY A PERCENTAGE OF YOUR MONTHLY OR ANNUAL RENT, TYPICALLY RANGING BETWEEN 6% AND 10%. :46-:54 SOTJanna Herron You may have to pay some other fees, such as a sign-up fee, a processing fee, a background check fee, and those could easily add another $100 to $200. EVEN THOUGH THESE SERVICES ARE DESIGNED FOR THOSE WITH POOR CREDIT, APPLICANTS STILL NEED TO QUALIFY. SOT Janna Herron They have their own minimum income and credit score requirements and some others will deny you if you have too many outstanding utility bills, too many evictions, or a violent criminal record WE CONTACTED THE BETTER BUSINESS BUREAU, WHICH TOLD US IT'S IMPORTANT TO KEEP IN MIND THAT THIS IS "A FAIRLY NEW INDUSTRY," ONE THAT COULD HAVE "REAL POTENTIAL FOR ABUSE." IN FACT, WE FOUND SEVERAL COMPLAINTS ONLINE. THAT'S WHY YOU SHOULDN'T BE AFRAID TO TRY FRIENDS AND FAMILY FIRST. SOT Janna Herron Bankrate.com"It's the option of last resort. FOR OTHER'S ASKING FRIENDS IS SIMPLY NOT AN OPTION. SOT John Diggs Used Cosigning Service"It's a sense of peace, a sense of warmth that I now have my home, and I'm on my way to re- building and re-establishing my life." (SH) IF YOU'RE INTERESTED IN ONE OF THESE SERVICES, THE BETTER BUSINESS BUREAU SAYS DO YOUR HOMEWORK. READ A CONTRACT'S FINE PRINT AND MAKE SURE YOU UNDERSTAND WHAT YOU'RE SIGNING. YOU CAN ALSO CHECK OUT A COMPANY'S RATING JUST LOG ONTO WPRI.COM FOR A DIRECT LINK. I'M PROBLEM SOLVER SUSAN HOGAN - EYEWITNESS NEWS. (J-MO)