Legal Question in Credit and Debt Law in Massachusetts
Student Loans
My wife has four separate student loans for a total of almost 74oo.oo dollars. These are on her portion of the credit report showing the monthly amount she must pay and the balance of the loan. She has a deferment for all four loans. #1 Should these be on the credit report at all seeing she dosen't have to start paying on the yet. and #2 Are the totals affecting not only my FICO score but my DTI- debt to income ratio? Thanks
2 Answers from Attorneys
Re: Student Loans
The two most important factors ( averaging approximately 70%)) taken into account in calculating your FICO score are your payment history and the amounts you owe. As long as the information on the credit report is accurate, the credit reporting bureaus have a right to share such information with credit grantors, per the Fair Credit Reporting Act. Insofar as your wife's credit information affecting your credit score, that would depend upon whether or not you were a co-obligor on any of her obligations.
Re: Student Loans
The student loans are properly being reported to the credit reporting agencies as debt. Because the accounts are being properly deferred, they should not be showing as late or delinquent.
Her education loans should not be reported on your credit report, and should probably not impact your FICO score directly.
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