How to Help My Husband Rebuild His Credit

When one or both members of a couple has bad credit, it can increase stress on the marriage. Managing your credit and debt is a good way to take a step toward financial freedom and a happier marriage with fewer worries. If you want to help your husband rebuild his credit, the most important thing to remember is to stay positive. When people have bad credit or a lot of debt, they often feel overwhelmed by the entire process of rebuilding their credit. This is, of course, the perfect time for a loved one to step in and offer help.

Instructions

1

Help your husband get a copy of his credit report. Everyone is entitled to a free credit report. As per the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act, credit reporting companies like Equifax and Experian are required to provide everyone with a free copy of their credit reports once every year. The information that will be included on the credit report will include identity and employment information, which you should make sure is accurate, as well as payment histories, matters of public record, such as bankruptcies and foreclosures, and any credit agencies that have inquired about the credit report.

2

Contest any possible errors on the credit report. All accounts, for instance, might not be listed on the report. Credit reporting companies might be able to add any open accounts not listed on the report for a fee. If there are any items on the report that are contestable, your husband has the right to dispute them.

3

Talk to your husband about the ways he can rebuild his credit. He can contact credit agencies, for instance, to prevent any accounts from being turned over to debt collection agencies. He can pay off collections and outstanding accounts and rebuild new accounts in small, manageable ways.

4

Make some time together for budget planning. This can prevent you and your husband from getting into any more debt in the future. While it's good to have a credit card handy for emergencies, it's even better to have an emergency savings fund ready to pay off any emergency expenses as soon as possible. Making a budget can help you save money. Budgeting is also important because it can help you manage your credit. You can improve your credit score by budgeting the amount of money you want to spend on food, a necessary expense, purchasing it with a credit card, and immediately paying it off before any interest accrues on the purchase.

5

Visit a credit counselor. Credit counselors can help you make a debt management plan and negotiate with creditors. Make sure you are dealing with a legitimate, legally licensed agency. Get quotes of their costs and fees in advance.