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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Your Suggestion

1. 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)
2. 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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