Check Your Partners Report Before You Say “I Do”

By Mike Wayman

Marriage. It is full of happiness and bliss – what’s mine is yours, what’s yours is mine. From the moment you say, “I do” you exit the world of two separate beings and enter the world of unity and one. Everything is combined. Maybe you saw that movie recently, “What Happens in Vegas,” where a fluke wedding and $50 million in gambling winnings created problems in divorce court. Needless to say, when you are married everything from the $50 million you win gambling to the $50,000 you are in debt is joined.

For this reason, many people today are exchanging credit reports with their partners before saying, “I do.” It may not seem very romantic, however it makes sense financially. When you are single, your credit report is private. The second you get married your report is linked to your spouse’s.

When you are married you will need to rely on both you and your spouse’s credit to apply for loans for a home and cars. Usually the credit company will consider the two histories together and use them to determine whether or not you are approved. Therefore, if your future spouse has a credit problem, you might want to know about it now, before it is too late.