Thursday, July 16, 2015

Term of the Day: Joint Credit

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July 16, 2015
Joint Credit

Credit issued to two or more people based on their combined incomes, assets and credit histories. Joint credit can be issued to multiple individuals or organizations. The parties involved accept joint responsibility for repaying the debt.

Investopedia Explains:

Many married couples apply for joint credit. This is especially true with the purchase of a home. Joint credit is an issue and concern in divorce proceedings...

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Related Definitions

Joint Liability
Personal Property Securities Register (PPSR)
Credit
Joint Owned Property
FICO Score

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