Divorce and Your Credit FAQ
The most important thing to remember is that only accounts that were opened jointly can hurt your individual credit.
Even if you are not living in your house, if the mortgage had both of you as applicants, you will be held responsible for late payments. Check with your mortgage company to verify that payments are being made on time. Your spouse will need to reapply for a new mortgage and qualify financially for you to be able to remove yourself from the obligation.
Call all credit card companies to find out if it is a joint account, and how you can remove the spouse from the account. You will still be held accountable for outstanding balances and may not be able to close the account until the balance is paid off. The important point is to stop the spouse from adding anymore debt.
Check with your attorney, or your state, for information on Separation Agreements. These documents can "divorce" you financially from your soon to be ex-spouse before the actual divorce occurs. It will divide assets and liabilities and make you an independent financial being from one point and going forward.
| Quick Credit FAQ |
| Up to 60% of people who check their free credit report find errors. |
| Credit Professionals recommend a credit check at least 2x yearly. |
| You may obtain a free credit check if you've been denied credit in the last 60 days or once annually. |
| There are 3 credit bureaus which collect information from major creditors. Equifax, TransUnion, Experian. |
| Your credit report lists all the accounts and payment history for the last two years; liens and judgements for 7 years; bankruptcy 10 years. |
| From your information a credit score is calculated. Credit Scores range from about 400-820. A score of 700 or above is very good. |
More
|
MyCreditCheck - The leading provider of free credit report and free credit check.
On the www since 1999. Your best resource on credit report ing.
