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.
|
