Here is a good bit of Senior Knowledge you may be glad to get.  How credit reports are affected when you have joint accounts was not part of this seniors knowledge.  How ’bout you?

I found this on The Kim Komando Show. She frequently has good stuff on her site, and it is often just what I need.

Joint accounts and credit reports

by Kim Komando

Everyone can get a free credit report from each agency every year. You can get reports from all three agencies at once. But I recommend spacing out your reports. A different one every four months will help you monitor your credit. The reports are easily requested  over the Internet.

Many people combine their finances with their spouse. Some people have a joint credit card, or a joint savings account. You’ve combined everything.

How is your credit linked?

You and your wife are linked by those joint accounts. Any activity on them affects both of you. Actions that would lower your credit score would lower hers, too. And visa versa, of course. Actions that raise a credit score will do the same.

But joint accounts don’t equal joint credit reports. A credit report is always an individual thing. The score is yours—or hers—alone.

Having joint accounts doesn’t mean the credit scores will be the same. You and your wife may have different scores. Think about when you opened your joint accounts. If your scores were different then, they won’t immediately even out. Over a long enough time, your scores should homogenize. But there’s no guarantee they’ll be exactly the same.

Checking your scores

To answer your question, yes, your wife can check her scores, too. Both of you are entitled to the same number of free credit reports. That’s because your credit histories are individualized.

You’ve been checking your score alone. And you’ve been assuming that represents both of you. If you’ve had joint accounts a long time, that may be true. In that case, staggering the six free reports may help.

Doing it that way could help you monitor your joint activity. But when watching for identity theft, consider those reports separate.

Thieves only need one of you

Each of you can still have your identity stolen. And you can each have your credit score wrecked separately.

Someone can open a line of credit in your name alone. Having joint accounts doesn’t preclude this. Many people have a mix of joint and separate accounts.

The same goes for your wife. So, each of you need to monitor your separate reports for problems.

Getting a free credit report is easy. That is, if you know where to go. Many services claim to offer free reports. But you have to buy or sign up for something first. There is only one government-mandated Web site for free credit reports. Its name is AnnualCreditReport.com.

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Copyright 2009 WestStar TalkRadio Network.  Reprinted with permission.  No further republication or redistribution is permitted without the written consent ofWestStar TalkRadio Network.  Visit Kim Komando and sign up for her free email newsletters at:  www.komando.com