A CreditBloggers.com reader posted this common question about the impact of marriage on credit reports and scores online today:
I have a question about melding excellent credit and terrible credit
scores when two people get married. Can creditors come after a new spouse for their partner’s debt? Will the bad credit history of one
spouse ruin the good credit of the other?
Nothing automatically happens to your credit reports and credit scores when you tie the knot. Your credit reports and credit scores will remain independent. One person’s bad credit scores will not ruin the other person’s good credit scores.
There are two things that could possibly change on your credit after you get married: 1) If you change your name, your new last name will be posted on your credit reports. 2)
If you open any joint or co-signed accounts with your spouse, these
records will be reported on both your credit reports. Be careful about opening up shared accounts. If the account is not managed responsibly, both your credit reports could be damaged.
The debt question is a bit more complicated. In general, a creditor cannot hold you responsible for a spouse’s individual debts. There are exceptions in certain states if the debt was incurred as a "family expense or if you live in a community property state and have a right to a property used as the debt’s collateral. You may want to research your state’s specific laws or talk to an attorney about your specific situation.
Do you have a credit question? Know of a great money management tip for newlyweds? Share your questions and feedback in the comments section below.
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“Can creditors come after a new spouse for their partner’s debt?”
I think Emily answered that properly. Still, they are creditors, whether they can or can’t doesn’t matter. They will try to get that money by any means. So, they will probably hound a spouse as well.
Good point Emma. As we saw Monday, debt collectors often use illegal tactics – http://www.creditbloggers.com/2006/04/reader_question_2.html
If you have co-signed on a car loan and the primary owner keeps falling late on payments, what rights do I have to make that person sell the car or get me name of the loan?
Unfortunately, co-signers have a lot of responsibilities and very few rights. Your best bet is to talk to the primary borrower about the situation and how it is impacting your credit.