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Building Good Credit for Women
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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A survey by Money Management International determined that 73 percent of women consider themselves the primary spender in their household. Many of these women also pay the bills and take responsibility for teaching their children about money. Yet many of these women would not be able to get the loans they need or want because there is no record the responsibility they shared. This problem is often discovered when the woman applies for a credit card or an automobile loan and is declined because she has no credit history.
Although having no credit is better than having bad credit, it still presents some problems. Creditors lend money based on the potential that it will be paid back, and the only way they can determine the risk of a particular loan is through a credit report. So if you have no credit history, there’s no way to prove that you pay your debts. To make sure you get credit for your good credit, there are a few important rules to follow.
First, find out what kind of accounts you and your husband have. If it is a joint account, and both social security numbers are on the file, then any information about the account will appear on both your credit history and your spouse’s.
If, however, it is an individual account not in your name, the credit information will not add to your credit report – even if you are an authorized user. Contact your creditors and ask them to report the account’s activity to both your husband’s report, and your own. They are usually more than happy to add another “responsible” person to the account.
Also, make sure you know your rights when it comes to credit. Two federal laws give you specific rights that help protect your credit information and help you obtain credit. They are the Equal Credit Opportunity Act, which prohibits creditors from discriminating on the basis of sex or marital status, and the Fair Credit Reporting Act, which protects consumer privacy and safeguards the accuracy of credit bureau reports.
Finally, if you had credit under a different name, or in a different location, make sure the credit bureaus have complete and accurate information. The names and phone numbers you need to check your credit history are listed under the heading “Credit Reporting Agencies” in the Yellow Pages.
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