Divorce Dex.com: Credit Report

Definition Credit Report - an individual’s debt and repayment history, used to determine his or her credit worthiness.

Application in Divorce It is a good idea for divorcing couples to obtain a copy of their credit reports in preparation for the distribution of property. Debts must be paid, and the distribution of debt between divorcing spouses is central to achieving a separation or settlement agreement.

Credit bureaus are required to provide everyone with one report per year at no charge.

Because of the risk of identity theft, some people by services that alert them automatically to any significant changes in their credit report.

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How do I prevent getting bad credit?

Upon reaching the decision to separate, it might be a good idea to iron out with your spouse exactly who will be responsible for what joint debts. Letters can be written to the creditors asking that the liabilities be transferred solely to the name of the party that agreed to accept them. In some cases, creditors will not agree to this as they will continue to hold each spouse liable until such time as the debt is paid in full. However, in the event this should be the case, there is still a way to protect yourself from any future debt incurred by your spouse. It is also a way in which you can start and/or strengthen your own individual credit standing.

Contributed on 9/10/2007 by: Divorce Source, Inc.Allentown, PA[Total Submissions: 60]

Category: Debt Division (Applicable in All States)

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Helpful Tips & Facts

Get a copy of your credit report.
It is important during a divorce to make sure that you minimize your credit risk. One way to do this is to get a copy of your credit report. You can go online and get one free at www.annualcreditreport.com. This will let you know if there has been debt incurred in your name that you didn’t know about. If your name is on a document, even as a co-signer, credit agencies do not care if you are divorced, they will come after you if the loan/debt goes into default. So, it’s always important to know about all debts that are associated with your name.

Contributed on 10/29/2008 by: Callaway & Company, LLCAtlanta, GA[Total Submissions: 1]
Category: Debt Division (Applicable in All States)

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Additional Resources

Credit Scoring: The Unseen Financial Danger in Divorce

During the holidays, it is important for divorcing couples to restrain from excessively using credit cards if payments are ultimately destined to acrimonious negotiation, delays, or "held hostage" over custody arrangements. The increasing use of credit scoring by banks, insurance companies and merchants is proving a dangerous trend for many women, especially those in the midst of a divorce.

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