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Divorce and Your Credit - Some Tips to Help Your Credit History Survive Divorce
from: Everett SizemoreYour credit rating may be your most important asset. Many people
do not realize the effect a divorce can have on personal credit.
When they do, it is often too late. Don't let this happen to
you. If you are currently involved in a divorce, or if you may
be going through a divorce in the near future, there are several
steps you can take to protect your credit rating.
"I constantly see divorcees having their credit destroyed as the
result of divorce," says
attorney in New Jersey. "You can spend your life
establishing good credit, only to have it ruined in just a few
short months. I always stress this to new clients and make sure
they do everything they can to protect themselves."
Throughout your divorce, you must make sure that your bills are
paid on time. Do not refuse to pay bills in an effort to harm
your spouse. You and your spouse are obligated to pay these
bills, so you will be hurting yourself just as much your spouse.
Failure to pay will harm your credit and will remain on your
credit report for the next seven years.
You may also consider putting a fraud alert on your credit
report. Although this will prevent you from gaining instant
credit, this will also prevent many creditors from approving new
accounts without speaking to you first.
Following the divorce, you can protect your credit by learning
your credit history and score. You can do this by obtaining a
copy of your credit report. Most states entitle you to a free
credit report every year. New federal law does so too. Be sure
to get a copy of your credit report from multiple credit
bureaus, as your information may vary on the different reports.
If there are any inconsistencies, or any information is
incorrect, or even if something confuses you, call the bureau
and find out what the problem is. You need to understand your
credit report if you are going to protect yourself.
If you think that any information on your credit report is
incorrect, you need to notify the credit bureau immediately.
They will send you a form, speak with the creditor, and notify
you of the outcome. If you are dissatisfied with the result, you
can add a statement to the report explaining your side of the
story.
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