Credit Histories for Women
Under the Equal Credit Opportunity Act, reports to credit
bureaus must be made in the names of both husband and wife if
both use an account or are responsible for repaying the debt.
Some women who are divorced or widowed might not have separate
credit histories because in the past credit accounts were
listed in their husband’s name only. But they can still benefit
from this record. Under the Equal Credit Opportunity Act,
creditors must consider the credit history of accounts women
have held jointly with their husbands. Creditors must also look
at the record of any account held only in the husband’s name if
a woman can show it also reflects her own creditworthiness. If
the record is unfavorable–if an ex-husband was a bad credit
risk–she can try to show that the record does not reflect her
own reputation. Remember that a wife may also open her own
account to be sure of starting her own credit history.