A common theme amongst Generation Y-ers is that one falls head over heels in love; therefore, all proper planning, due diligence, and risk management falls by the wayside. I am not saying that you should run out and hire a private investigator to completely vet your spouse-to-be; however, it couldn’t hurt. What I am suggesting is less invasive, something the two of you could do (and should do) together—a free credit check.
Before you start thinking to yourself: “Ohhh Em Gee, I’d never!,” let me give you a few things to consider.
Weddings are very expensive. The Knot recently released statistical information for 2012, which claims that the average wedding cost £28,427 (that does not include the honeymoon).
Therefore, there is a high probability that some of your wedding costs…if not all of them…will end up on someone’s credit card. The growing percentage of UK men using credit to finance engagement rings itself is astonishing. Obtaining a free credit check allows you to know where you stand. Not only do you want to ensure that your credit information is correct, but having a visual of all your open credit accounts will allow you to decide what accounts you may want to increase limits on.
We have all heard horror stories from friends and families—“Who did I marry?…It’s like once the honeymoon was over, he became a completely different person.”
It’s unfortunate and becoming more and more frequent in the news.
Imagine the nightmare of waking up one day and finding out that your new husband has hundreds of thousands of pounds in debt. And trust me, he probably knew about it…
Let us set the stage for a worst-case scenario.
You are a newly wed and right after coming back from your honeymoon you decide it is time to set down some roots and start a family. You’ve got a decent amount saved up for a possible home down payment and you go to meet with a real estate agent, so that you and your spouse can purchase your first home together. You find the perfect home, the walls are all painted the right color and its not too big, but just big enough. More importantly, the price your offer is accepted and it fits into your new family budget.
You apply for a mortgage and find that you owe over £100,000 in hospital bills, and £35,000 in consumer credit card debt. You’ve fallen victim to identity theft. As Identity theft is one of the fastest growing crimes in the world, this could be a possibility. I myself have fallen victim to identity theft, and let me tell you…it’s a long battle. That is why it is so important to ensure that you and your significant other’s credit is where it should be.
Whether you want to build good credit, repair bad credit, or erase negative marks caused by identity theft, it is impossible to know where to start until you run a credit report.
Play it safe; sit down with your significant other and get your free credit report: http://www.creditexpert.co.uk/free-credit-report.aspx