Joint or Individual Credit Reports?

Question:

We were advised that we should order joint consumer credit reports for unmarried applicants living at the same address. Does it follow that we should order individual reports for married applicants living at separate addresses? This would ensure that the determining factor is residence, not marital status.

Answer:

The key is to ensure that the cost of the report is not more for two individuals than it is for two joint borrowers. If, for example, you have two individuals applying for a joint loan and being charged the "individual" price of $8.00 per report when the cost of a joint report would be $10.00, you are discriminating by not ordering a joint report - whether they live together or apart. If it's a joint application, order the joint report. The best solution would be to contact your consumer report provider and have your individual reports cost half the price of a joint report.