Adopting a child involves a lot of paperwork, time and sometimes money. Although adoption agencies look into many different facets of hopeful adoptive parents' lives, some people wonder whether poor credit affects their chances of getting a child. Some adoption agencies do run credit checks on prospective parents, but the score doesn't weigh as heavily as current financial status. Although adoption agencies may question poor credit, it doesn't necessarily prevent an adoption.
Borrowing Money
Some adoptions cost thousands of dollars. For an expense this high, often people take out a loan to cover the costs. If someone has poor credit, this could prevent them from obtaining a loan, and prevent them from adopting a child, unless they find other ways to fund the adoption.
Solution
Poor credit doesn't always prevent people from obtaining an adoption loan. Sometimes lenders ask for a co-signer or additional information from the co-signer to lend money, according to the A Child Waits Foundation.
Financial Health
Adoption agencies care more about your current financial health than your previous spending habits. Sometimes a poor credit report indicates poor financial health, but not always. Adoption agencies often ask for employment verification, proof of life and health insurance, federal tax returns, mortgage and debt information, and monetary asset verification, according to the website Adoption Media LLC.
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