In a way, yes. Equifax, one of the big three credit reporting agencies, is encouraging couples to fully disclose their financial pasts to each other before major purchases. The move comes in advance of tougher home affordability rules coming in April 2014.
Equifax research shows 1 in 5 couples hide personal loans and credit card debt from each other. Equifax says it is vital for couples to disclose their credit statuses to each other so they qualify for the best lending rates. The Mortgage Market Review, the rules lenders must abide by to make home loans, comes into effect April 2014. Under these rules there will be new stringent affordability checks. These include looking into each partners’ financial commitments.
For these reasons if you are hiding debt from your partner it’s time to consult with a qualified debt settlement attorney. A qualified debt settlement attorney can help eliminate debt by settling with creditors for a fraction of what was owed. Before entering a home loan with your spouse, contact a qualified debt settlement attorney to settle and move on from prior debt.
Kevin Fallon McCarthy
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