Divorce Dex.com: FICO Score

Definition FICO Score - A mathematical formula invented by Fair Isaac Corp., used to determine the credit worthiness of an individual and appropriate interest rates.

Application in Divorce Lenders use FICO to determine whether and at what rate of extend credit.

Generally, a FICO score improves the more distance a debtor is from a past credit mistake. Some 65 percent of the credit score is based on the payment history and the amount of debt carried, so prompt payment and debt reduction improve the score.

The three major credit reporting agencies are Equifax, Experian and TransUnion. An individual is entitled to a free copy from each of these every year. A FICO score is available for $7.50.

A bad credit rating can make the pain and suffering of divorce even more difficult. In a divorce, it’s best to pay off joint debts.

See Credit Bureau; Credit Report; CCCS.

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#244: If a divorcing wife is pregnant, child custody, visitation, and child support arrangements must be made just as if the child was already born. If the husband is not the father, the judge will typically address this on a case-by-case basis with the requirement of a paternity test.

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