BROOMALL, Pa. — Franklin Mint Federal Credit Union Vice President of Lending Allan Stevens recently appeared on CN8′s Money Matters Today.
During his interview with host, Mary Caraccioli, he spoke about credit challenges couples face when preparing for marriage, and how marrying may affect their credit score.
Stevens corrected the fallacy that lenders look at a combined score when couples apply jointly for credit, loans and mortgages. In reality, lenders see two different credit files and credit scores, one for each borrower. He said there is no magic merging of credit files upon marriage.
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"A simple, but effective way to improve your credit score before and during marriage is to pay your bills on time and reduce any type of debt wherever possible," Stevens advised.
He also suggested that couples individually review their credits report on a yearly basis from TransUnion, Experian and Equifax, the three credit bureaus. On a yearly basis, individuals may request a free copy of their credit report by visiting www.AnnualCreditReport.com.
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