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Free Credit Report: How To Maintain Good Credit During Divorce Settlement? |
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Be cautious as your ex-spouse may cause damage to your credit records even after divorce. If possible, get your free credit report and close your joint credit obligations now, before the divorce is final. If you've lately gone through a divorce, or are contemplating one, you may want to look closely at credit related issues with the help of free credit report. A better understanding of all the credit accounts opened during a marriage may help illuminate the feasible benefits, and pitfalls, of each. Ideally, your credit report is an accurate, up-to-date reflection of your credit history. Here are
some reasons why you should make a practice of regularly reviewing of your free credit report. There are mainly two types of credit accounts; one is individual and the other one is joint. You can permit authorized persons to use the account with either. In individual account, the creditor considers your income, assets, and credit history. Whether you are married or single, you alone are responsible for paying off the debt. The account will appear on your credit report, and may appear on the credit report of any authorized user. However, if you live in a community property state you and your spouse may be responsible for debts incurred during the marriage, and the individual debts of one spouse may appear on the credit report of the other. So with free credit report you can keep check on your credit history and accounts. A divorce decree or separation agreement does not relieve you from repaying your bills. You must still continue making payments on all of your joint credit accounts (such as credit cards, mortgage and car). If a payment is late, missed or not paid at all, your credit can be negatively affected. So it is extremely important that you receive your free credit report as soon as possible. Your free credit report will verify exactly which creditors are yours, which are your spouses and which are joint accounts. When many divorcees receive their free credit report, they find that they owe money to creditors that they never knew existed. Over time couples and creditors have a tendency to merge account information. Without realizing it, your spouse's creditors can become part of your credit report file. You can transfer a joint account to the person that is solely responsible for the payments and start to establish credit in your name as soon as possible. An application combining the financial resources of two people may present a stronger case to a creditor who is granting a loan or credit card. But because two people applied together for the credit, each is responsible for the debt. This is true even if a divorce decree assigns separate debt obligations to each spouse. Former spouses who run up bills and don't pay them can hurt their ex-partner's credit histories on jointly held accounts. So if you don't want to create such types of problems for yourself order a free credit report and try to amend your problems before your divorce. Your credit may be combined with your spouse, and there may be certain transactions that you may not be aware of. If you get a divorce, obtain a copy of free credit report notify the three major credit-reporting agencies that your status has changed to single. Provide them with new addresses for both you and your ex-spouse. Specify that all accounts should henceforth be reported separately. Otherwise, transactions may be reported on the wrong spouse's account. The records could get tangled confused, especially if one of you were to remarry. At times, one or both spouses may face credit problems during the separation period prior to the final divorce, especially if marital assets are frozen during settlement negotiations. You will need a copy of your free credit report to review with your attorney so that you can precisely assess how your divorce will affect you financially. |
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