M is for Money

As a couple you each bring your financial strengths and weaknesses to the relationship. To forge a successful partnership you must learn to work as a team. Of course secrets are never helpful when you are trying to build a life together, so yesterday Mr. M and I visited annualcreditreport.com to take a look at his credit report together.

Mr. M and I are complete financial opposites. I track money down to the dollar, he pays no attention to his balance or spending. I have numerous loans and accounts, he has none. Over the years I’ve learned everything about his financial habits, but I’ve never seen his credit report. Long ago he alluded to an unpaid account, a medical bill he was unable to pay when he was injured and out of work. But were there other accounts he forgot to mention?

Mr. M has a paper thin credit report. The only open accounts are the two credit cards we share for household expenses, which carry his debt that we are paying off. Under closed accounts was a $12 charge off from the electric company, funny that such a tiny bill would be listed. Plus how do you end up with a $12 electric bill? And last but not least, the unpaid medical debt, long since purchased by a debt buyer. In a few more months that debt will be more than 7 years old and should disappear from his file. That is the entire contents of his file, no other unpaid debts or hidden accounts. Of course such a thin history will likely translate to a terrible credit score, we’ll have to visit Credit Karma to get that information.

A couple taking out a loan will each be judged for their credit worthiness, so your partner’s history will affect you. It’s important to know where each other stands, about debt or loans your partner may have. Hopefully honesty is all you need in this respect, you don’t actually have to play show and tell with your credit report. Mr. M and I looked at his file together because he has zero motivation to take care of his finances, not because I don’t trust him. The file revealed exactly what I already knew and will help me to guide him as he works to improve his financial life. It’s important to check your report periodically to either correct errors or catch identity theft. Mr M hadn’t looked at his since I met him six years ago - it was time for him to take care of this important financial task.

Mr. M hadn’t checked his report because he didn’t realize you could get a free report online, no strings attached. The legitimate site to visit is annualcreditreport.com, stay away from anything with free credit report in the name. Annual credit report is run by the three credit bureaus, the free annual report was mandated by the government. Just request one bureau’s report at a time, this way you can return later in the year to check your report again – personal credit monitoring!


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