Getting divorced – how to protect my credit
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Hi, like so many – I’m getting divorced. How does it affect my credit? How do I protect myself from ruining it and what are my rights? Thanks in advance for the info…
If You Divorce
Divorce (or separation) in itself has nothing to do with credit, and does not appear on your credit report.
It may however effect you credit indirectly.The most important thing to understand when getting divorced is that while you and your former spouse are bound to the divorce decree – creditors are not, and so are the credit bureaus. Your obligations to lenders remain unchanged regardless of what the divorce decree states.
Therefore, it is important that all joint accounts should be either closed, of refinanced in the name of only one spouse. This may involve closing credit card accounts, selling your cars and even selling your home.
Unfortunately – that’s the best (and only) way to ensure that your credit is not harmed by your former spouse.
Closing accounts and applying for new credit may ding your credit, but it’s nothing compared to what a vandective spouse can do to it. It’s not unheard of people ruining their ex credit (along with their own) just for vengeance.
For more information see divorce-and-credit.html.
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