Credit Basics
Are there laws that protect me from not getting the credit I deserve?
Credit can not be denied to you because of race, sex, color, religion, marital status, national origin, age (if you are over 18) or because you receive income from a public assistance program. Whether or not you can receive credit is judged solely on your past credit history, or in some cases, the history of your spouse or former spouse. You can find these rights outlined in the Equal Credit Opportunity Act.
Can anyone get a copy of my credit report?
No, some individuals and businesses are allowed, for business reasons, to obtain credit reports on people other than themselves, but there are strict laws and penalties in place to ensure that this privilege is not abused.
Why is credit important?
If you are looking for a loan, credit card, or low interest rates, having good credit will increase your chances of getting one of these. If you have credit problems, it may be hard to acquire a loan when you need it the most.
Does the death of a spouse affect my credit?
If you and your spouse share a checking or savings account, by law a creditor cannot automatically close the account or change the terms because of the death of your spouse. You may, more than likely, be asked to update your application or reapply in your own name. The creditor will then decide whether to continue your credit or change your credit limits.
Does having children affect my credit?
Beginning or extending a family is a life change that puts demands on your credit. It is especially important to take good care of your credit when you take on the added responsibility of children. If you take good care of your credit when your children are young, you will be able to take care of them as they get older.
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