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Definition Credit Bureau - a general name for several companies that track the credit history of individuals and make this information available to businesses.

Application in Divorce Credit reports track the lending and repayment history of individuals.

Many individual reports are riddled with inaccuracies, mistakes and errors, and it is prudent for everyone to check his or her credit report annually.

Under the federal Fair Credit Reporting Act, individuals have a right to see their own credit reports and correct inaccuracies.

Divorced spouses, particularly women, often find that their credit ratings must be re-established in the wake of a divorce.

Resources: the three major credit bureaus are
- Equifax, www.equifax.com
- Experian, www.experian.com
- TransUnion, www.transunion.com

Fair Credit Reporting Act, 15 U.S.C.A. § 1681 et seq.

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Helpful Tips & Facts

Joint Credit Accounts
When a couple separates, it is a good idea to close any joint credit accounts. Inform the credit care company of the impending divorce and put what is called "a hard close" on the account -- one that prohibits any new charges, now or later. Of course, what is owed must be paid.

Contributed on 6/27/2007 by: DivorceDex.com Staff
Category: Debt Division (Applicable in All States)
Paying Off Debt Before Divorce
Most amicable couples divide the debt and pay it off before the divorce if possible. It simplifies things to have the debt off the table, because transmitting paperwork to the creditors is no longer necessary.

Contributed on 6/27/2007 by: DivorceDex.com Staff
Category: Debt Division (Applicable in All States)

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Check Your Credit

One inexpensive task I recommend that all divorcing couples do early in the divorce process is to check their credit reports to ensure that there are no surprise debts or credit lines. In my own divorce, I uncovered credit cards that were in my name that I was not aware of. Other couples have been able to find incorrect information that could have impacted their ability to qualify for credit and even for employment.

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