There are many couples who decided to take out finance and credit in joint names, whether this is in the form of a personal loan, bank account, mortgage, car loan or any other financial product. However, it seems that not all couples are trusting enough of one another to jump in headfirst into taking out a joint loan or finance with each other without first doing a little research!
A recent report by credit reporting agency Equifax has revealed that around one quarter of people would want to see their partner’s credit report before they considered applying for a joint loan, mortgage or finance of any sort. Equifax officials said that for many couples the head ruled the heart when it came to finances, with 25 percent of people wanting to know what they are getting into before they sign on the dotted line.
Of course, if a couple is applying for joint loans or finance both credit reports are taken into consideration by the lender. A damaged or poor credit report could result in a much higher rate of interest being charged or could lead to the application for finance being turned down altogether, which is why so many people are keen to know what their partner’s credit rating and file is like before they commit to applying for or taking on finance with them.
Neil Munroe, External Affairs Director, Equifax, said: “Of course, only the individual concerned can access their credit file. But what this new research does seem to suggest is an understanding amongst many couples that any joint finances will affect both their credit histories.”