Credit and Divorce 2 part series part 1

Credit and Divorce 2 part series part 1

Worried about protecting your credit while going through a divorce? Possibly, you’re overwhelmed with the process. Are you feeling a little anxious because you don’t know where to start with protecting your credit and you don’t want it ruined because of your divorce? There are three things you should know to protect your credit. I’m Rich Barnes, owner-broker of Realty Experts in West Allis, Wisconsin, 53214, and I am a top real estate divorce specialist and I’ve helped a lot of individuals over the years get their credit in order after a divorce. The time to protect your credit is during the divorce, not after the dust has settled, but it’s before. Here are three things that you need to know or do about your credit to protect it during your divorce. Number one, first thing you should know about credit is that creditors do not honor divorce decrees. This is an important fact because people think that their divorce decree states that their ex is responsible for a specific account. If your ex makes a late payment on that account, it will still affect your credit if you’re still on the account. Number two, second thing you should know is that joint accounts will stay on your credit report until they are paid off or closed. When going through a divorce, you will want to understand the difference between being an account holder and being an authorized user. If the account you have is opened joint, then both you and your spouse are financially responsible for the account. Number three, make sure that all creditors that are reporting to the three credit bureaus have your updated address and that you are getting monthly statements. You will want to have a discussion with them about removing an ex if they are an authorized user. Freeze your credit reports with all three credit reporting agency to prevent vindictive ex-spouses from opening fraudulent accounts in your name. Understand these three items will give you a better opportunity to save your credit from an exceedingly difficult situation. Click the learn more button below for more information on divorce. And again, this is Rich Barnes with Realty Experts. And please, I am not an attorney or a tax consultant. I’m just giving some free advice, so make sure that you speak with the appropriate parties during this difficult time. And as always, you can Thanks and have a great day.

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