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Stay-At-Home Spouses And Partners To Soon Enjoy Easier Access To Credit

pearlbrown   |     |   2,299 posts since 2010

From Credit Card Watcher:

Stay-at-home spouses and partners should soon find it easier to get a credit card. Following through on changes originally proposed last fall, the Consumer Finance Protection Bureau just issued a final rule to amend Regulation Z, which implements the Truth in Lending Act. Under the amendment, credit card issuers are no longer required to consider a consumer’s independent ability to repay a debt. Instead, issuers are once again allowed to consider income and assets that an applicant, who is 21 or older, has a “reasonable expectation of access.” This means that consumers should soon be able to apply for credit based on household income once again.

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Credit card issuers will have six months to comply with the new regulation.