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Maintaining Your Personal Credit Report After Divorce |
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A personal credit report is a factual record of one's credit payment history. Three major credit bureaus, Experian, Trans Union and Equifax, pass on the details in your personal credit report to companies. Your personal credit report helps a credit lender to decide if you should be granted credit or not. Your personal credit report is prepared from your credit file and forms a part of a database of the credit bureaus. The personal credit report directory reveals that over 205 million in the US have major credit, each with a credit file. The personal credit report contains standard information including name, address, telephone number and Social Security number. Major financial transactions are all recorded in your personal credit report. Events like bankruptcies, divorces and unpaid credit cards can have adverse effect on your credit. Your personal credit report is even affected by applying for new credit. You may be turned down for credit if you appear to have made excessive inquiries. Too many inquiries result in a red flag being put up to a potential lender due to overextension or the possibility of financial difficulty. Very Bad Personal Credit Report: Should I File Bankruptcy? Your spouse may be the reason for your personal credit report being in a mess. Non-payment of bills by your spouse for several months may bring creditors to your door. You can tell them that you are not responsible for the debt and display the divorce decree. However they will point out that they are not a part of the decree and that you are being held responsible for the debt on your joint accounts. If you are thinking of filing for bankruptcy, it may be a big mistake. No matter how bleak the current situation may seem, it is always better than bankruptcy. Instead consult your creditors to work out a reasonable payment plan to salvage your credit. Bankruptcy will ruin your personal credit report for up to ten years. Maintaining Your Personal Credit Report After Divorce When the divorce is finalized maintenance of your personal credit report becomes crucial and changes should be reported to any creditor with whom you had a joint account. Divorce is itself painful requiring time to settle everything. Being single again will require you to re-establish your personal credit at the earliest. Start by getting a free copy of your personal credit report. Review your personal credit report, for a better idea as to how to go about your personal finances. You'll need bank accounts and credit cards in your name, apart from a job and place to live. Regular income even if it's only from a part-time job is important for re-establishing credit. Ideally once you find a place to live, stick to it. Too much shifting around can be unsettling to creditors. If you haven't already, cancel all joint credit cards and apply for new ones in your name alone. In case of denial, get another copy of your personal credit report to find out why. Personal Credit Report After Divorce A divorce may be the end of the legal marriage contract but not the legal contract for repaying the debt you and your spouse jointly acquired. Both of you are still responsible for the debt. Certain measures can help prevent a divorce from being a bigger problem that it already is. Getting a copy of your personal credit report should be done at the earliest. --Go in for a clean financial break from your spouse. --You need to consult your creditors to decide which debts belong to whom in the personal credit report and get it accordingly transferred. --Keep all joint bills current before the divorce is final. Not doing so will result in the creditors being unwilling to work with you after the divorce. --Get your spouse's name removed as an authorized user of your accounts or better still close all joint accounts completely. --In case of accumulating huge debt, consider debt consolidation to take care of your share of the debt. It will prove helpful in re-establishing your personal credit as well. |
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