5 Tips for Smart Money Management and Creating a Good Credit Score During a Divorce

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How To Maintain a Good Credit Report During Divorce

Debt and Credit Issues Can Create Complicated And Stressful Times. How To Maintain A Good Credit Report During Divorce

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Folks going through a divorce have many things on their mind. It can be a very emotional and stressful time! At some point you will inevitably need to start looking carefully at your debt and financial situation. When you are at that point, here are 5 basic tips:

Deal with Your Debt – Don’t Ignore it!

  1. Request a Free Credit Report
     

    The first step you should do is order a credit report  from at least one of the three major credit reporting agencies (Equifax, Transunion and Experian). This will list debts attached to your name, both individually and jointly with your spouse.

     

    There are 3 major credit reporting agencies Equifax, Experian and Transunion.  You may want to order a report from one or all of them. You can also obtain one free credit report per year through annualcreditreport.com .  Your divorce lawyer will want a copy anyway. Once you receive it, take time to thoroughly study it. Make sure it appears accurate. Look for errors such as credit lines

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Credit Score: Little Known Tip to Protect Your Credit After a Nasty Divorce – Request a Credit Reporting Freeze?

credit score divorceSome divorce cases are really nasty and contentious. I have been handling divorce cases in Dayton, Ohio for almost 39 years and I have seen some doozies! Clients regularly ask how they can protect their FICO credit score after their divorce is over. There are some very good articles that I’ve linked to below about those suggestions. I want to focus on the option of requesting a credit reporting freeze especially if you were the primary breadwinner.

While we always include language in the Final Decree of Divorce that both parties are prohibited from incurring debt in the name of the other party, there is more that can be done. If the divorce has been unusually contentious and if you believe that your ex-spouse will ignore this court ordered prohibition and create new credit cards under your social security number, then placing the credit reporting freeze may make great sense.  By doing this you will prevent the credit reporting agencies from releasing your credit report without your consent. That means no one can get new credit in your name, including you, until you lift the freeze.

If you are in Ohio, read this consumer protection fact sheet: SECURITY FREEZE INFORMATION… Read More... “Credit Score: Little Known Tip to Protect Your Credit After a Nasty Divorce – Request a Credit Reporting Freeze?”