Though this is generally an advantage, a poor credit record on jointly held accounts will also be included in the credit record. If credit was reported in your name, your credit record cannot be taken away from you as the result of death or divorce. Work with local financial institutions or merchants to establish credit or take out a small loan. Make small purchases on a department store or gasoline credit card and pay off the balance on time. Limit the number of credit accounts to one or two.
Creditors often become leery when a person's credit report shows too many accounts.
A credit record is one of the most important parts of a consumer's financial picture, yet less than 20 percent of all Americans have ever seen their credit reports. Consumers have the right and responsibility to check the accuracy of their credit records and, if necessary, correct any misinformation. Thomas A. Fretz, Director of Maryland Cooperative Extension, University of Maryland. Issued in furtherance of Cooperative Extension work, acts of May 8 and The University of Maryland is equal opportunity. The University's policies, programs, and activities are in conformance with pertinent Federal and State laws and regulations on nondiscrimination regarding race, color, religion, age, national origin, sex, and disability.