Free Credit Check

By: EconomyWatch   Date: 25 August 2009

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A free credit check is offered to individuals by all three major bureaus, Equifax, Experian and Trans Union; once a year. It needs to be carried out periodically, even if there are no significant credit developments as this helps to keep an accurate account of the financial health.

 

Free Credit Check: Importance after Marriage

Most people hold a mistaken notion that marriage leads to merging of credit reports. However, in reality, every individual’s credit report is tied to his or her unique social security number. Nonetheless, it is beneficial to use a free credit check periodically after marriage for the following reasons:

Avoid errors: A free credit check is vital, especially when a spouse (women) changes name after getting married. This transitory period is vulnerable to credit inaccuracies and errors by the creditors. Moreover, the spouse must get a free credit check to ensure that her maiden name is also listed on the credit report. Having this alias helps to prevent confusion and avoid the establishment of credit history from scratch.

Improve a spouse’s credit history: It helps to judge the financial health of both the spouses and work towards joint credit improvement. An individual with a good credit report can help out his/her spouse, with a bad or slightly lower credit score, by adding them to their accounts. S/he can also transfer the spouse’s debt to their own lower interest account for easier and faster debt settlement.

Acquire credit more effectively: It aids in establishing the combined credit status of spouses accurately. This, in turn, helps to collectively acquire the most profitable source of credit. It is possible to merge accounts with the spouse to offset the credit statuses and acquire joint loans to share the burden.

Free Credit Check: Implications of Divorce

An individual must get a free credit check intermittently after a divorce.

Some important measures are:

  • Notify credit bureaus about the divorce or legal separation. Acquire a copy of the free credit check to ensure that the integrity of credit information is maintained.

  • Inform creditors about change in name (back to maiden name). Ensure that name changes have been updated.

  • Close joint accounts, if any. Some creditors provide the option of converting joint accounts into individual accounts. Ensure that the revised free credit check does not contain any active joint accounts.

The credit restructuring process needs to be carried out and communicated effectively to avoid errors in the credit report. It is advisable to seek professional help of a lawyer or an agent, if needed.


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