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How A free Credit Report Could Help Lovebirds with Their Finances
February 27, 2014GWL Staff
We've just had Valentine's Day, that famous February date when everyone gets caught up in the practice of expressing their romantic feelings via flowers, chocolates, fancy dinners and even jewelery. Celebrities are doing it left, right and center, but did you know that tying the knot could affect your credit rating?
Checking your credit report could let you know if marriage or financial ties have affected you. Experian CreditExpert offer a free credit report for everyone who signs up, and will give you unlimited access to your Experian credit rating, visit site.
Of course, merely getting married won't bring with it any dramatic changes, especially if you didn't share a bank account, mortgage or any other financial arrangements beforehand, however, there are certain points to bear in mind when entering into your romantic union.
Name changes
If you've decided to change your surname, it's wise to include both your new and old name on your credit applications, which creates what's known as an 'alias' link which will reflect on your credit report. Lenders will then be able to include both names on their credit checks, potentially providing you with a more accurate credit rating. It's also a good idea to register you new surname (and up-to-date address) on the electoral roll.
Joint accounts
If you decide to open, or already share, joint financial accounts of any kind, then the financial association with your partner will also be reflected on your credit report. Although lenders will be able to check the reports under both names, only your own credit activity will be on your report.
Credit statuses
Your credit status can have a huge impact on your life, whether or not you are aware of it. A bad credit rating could prevent you from successfully applying for a mortgage, loan or bank account.
If you or your partner are worried about having bad credit, it's wise to check your credit report to see how this is reflected, and how you are financially linked. Personal relationships, living at the same address and sharing a surname will not link your credit reports - however, applying for credit together (such as a joint mortgage or bank account) does. Another way to link your credit reports deliberately is by information Experian or a potential lender of your financial connection.
Check your credit rating
The easiest way of keeping your credit reports separate, is by keeping your finances completely separate. Your free credit report can inform you of whether you are financially linked, how to disassociate that link, and other ways you can improve your credit rating - for instance, correcting anything on your report that you think has been recorded in error, or reporting any fraudulent activity which may have occurred under your name.
It is recommended that you closely monitor your credit report, as it is regularly updated based on your most recent financial activity. Keeping an eye on your credit rating will allow you to tackle any problems are they arise, and help you avoid any nasty surprises when applying for credit in future.
Source: http://www.moneyexpert.com/news/when-love-makes-the-grade-how-can-link-your-finances/800582606
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