Credit Repair For Divorced Women |
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Women going through a divorce
often find themselves besieged with credit problems. Start protecting yourself now by
getting a credit repair. The information contained on your credit report can affect your ability to receive loans in the future, should you ever decide to buy a house, car, or appliances. Get your free credit report to see if every thing is all right. If not then go for a credit repair immediately. It will also help you to gain access to the information that most banks and financial institutions use in determining your credit standing. If there are bad marks on your credit report due to the negligence of your ex, contact the individual companies to see what can be done. Unfortunately, they may hold you responsible for the debt if it was a joint account. If that is the case, see if the organization will let you pay for half of the principle with no interest or penalties (be sure to tell them that you were never notified of this debt). Also ask them for a credit repair to remove the bad rating from your credit report. Another thing that you want to pay attention to in your credit report is the address that is listed for you. For some reason, your ex's address may appear, and this may be why you don't receive notification of any problems. Another reason that you should for a credit repair is you may be denied a loan for having too much credit available to you. If you have a lot of credit cards with varying limits, companies may worry that you will max out all your cards, leaving you unable to pay their loan. Cancel out all the cards that you don't use, and transfer you high interest balances to a card with a lower rate. If your credit really is maxed out, and you feel overwhelmed by debt, you need help determining what your options are. You can avoid bankruptcy by considering debt consolidation. By working with approved non-profit credit counseling agencies, you can secure the best possible interest rates and the lowest monthly payments to help you get out of debt. If you are more of a do it yourself person, you might consider Consumer Credit Repair, the recognized authority for self-help credit repair. They offer Fresh Start, a complete step-by-step method with instructions and sample letters for removing negative and inaccurate information from your credit file. It thoroughly explains each issue and even has flow-charts to follow your progress. Once you start getting your head above water, be careful to not add any new debts. Cut up and cancel all but one of your credit cards. Use the remaining card for emergencies only (not to buy something to lift your spirits). You can eliminate impulse spending if you use checks or cash for purchases because you can see your cash supply dwindling. What the Law Says? The following laws can be helpful in credit repair and allow you start your credit history and keep your record accurate: The Equal Credit Opportunity Act gives women a way to start their own credit history and identity. The Fair Credit Reporting Act sets up a procedure for correcting mistakes on your credit record. Under the Equal Credit Opportunity Act, reports to credit bureaus must be made in the names of both husband and wife if both use an account or are responsible for repaying the debt. Some women who are divorced or widowed may not have separate credit histories because their credit accounts were listed only in their husbands' names. But there is still an option of credit repair to put your credit line back on track. Divorced and widowed women can still benefit from such a record. Under the Equal Credit Opportunity Act, creditors must consider the credit history of accounts women have held jointly with their husbands. Creditors must also look at the record of any account held only in the husband's name if a woman can show that it also reflects her own creditworthiness. If the record is unfavorable: for example, if an ex-husband is a bad credit risk: she can try to show that the record does not reflect her own creditworthiness. Remember that a wife may also open her own account to ensure starting her own credit history. |
