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Credit Repair Services and Information |
Credit Repair Services and Information Tips for Seniors wanting Credit Seniors and credit Tips for Seniors wanting credit When a spouse dies Seniors needing help with their credit can request a free credit evaluation from several online websites or a no-obligation credit consult from those companies offering such a service. They can also access the government's free annual credit repair website. When a Spouse Dies The Equal Credit Opportunity Act states that a creditor is not allowed to either close or alter the terms of a joint credit account based on the death of a spouse. A creditor can request that you update your credit application or reapply. A creditor will often request this if they believe that the living spouse's income is insufficient to maintain payments or if the credit account was originally opened based solely or in part on the income of the deceased spouse. The creditor will review the new application and from it will decide whether to extend, limit or otherwise alter the credit limit. It is the creditor's obligation to advise an individual, in writing, of their ruling within thirty days of receiving the credit application. During this thirty day period, the previous credit agreement remains in effect. If the creditor rejects the new application, they must either provide you with a specific reason(s) why the application was rejected, or advise you of your right to request this information. These same regulations apply whether a spouse has died, upon retirement, once the age of 62 is reached, marital status has changed or a name has changed. Know your Credit Accounts It is often advisable that both spouses understand the number and types of credit accounts they hold. This will help each spouse understand how their credit rating may be effected upon the death of the other spouse. Many older women open small, individual credit accounts in order to establish their own credit history in case their spouse dies. When applying for individual credit, request that the creditor take into account all credit accounts and history of those accounts held in the spouse's name. This is applicable both before and after the death of the spouse. If it can be proven, from your own individual banking history, for example, that you have made payments on the spouse's credit account, a creditor should use this information in assessing your personal creditworthiness. If Denied Credit If a creditor denies credit, is it an individual's right to know why. If a Senior believes that a creditor has discriminated against them based on age, they may file a complaint with the Federal Trade Commission and even sue the creditor. Seniors who are denied credit may be particularly in need of credit repair services. Seniors credit can be rebuild after a spouse dies through multiple senior credit incentives and programs. The U.S. Government webpages dedicated to Seniors offer a wealth of information useful for Seniors, including credit and financial information. CNN's Money pages offer excellent information on all matters related to Senior's personal finance. |
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