Divorce & Your Credit Score

In all likelihood, divorce is a new world for you to navigate through. During all the confusion that comes with process, the last thing you are probably concerned about is your credit score. However, credit scores after divorce may play a major role in the rebuilding of your life. New credit cards, car loans, mortgages, apartment rental companies, and even banks where you open a checking account all will check your credit score. So, it is important to monitor your credit profile, even when going through a divorce.

Being married does mean that you are married to your spouse’s credit report. Each of you has your own individual credit score. It is important to know that the joint accounts you have together and those that you are solely responsible for. Unfortunately, separating from your spouse does not separate you from joint debt. If the debt was listed in your name or both of your names, it is your responsibility to get it paid. Getting divorced will not remove your name from the account, EVEN if the divorce agreement says that other spouse is to pay the debt. So, it is important to monitor your credit, even after you divorce is final.

You can check your credit profile fairly simply due to federal law the requires credit companies to provide you with a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies: Equifax, Expiran & TransUnion. To make it even easier, the three major credit reporting agencies set up the website,annualcreditreport.com , to provide free access to annual credit reports. If you haven’t yet looked at your profile, do it now.

So what are you looking for? First, and foremost is whether the information listed about you is accurate. Review all the personal information as well as the payment history to be sure any delinquencies are accurate. If you do find any inaccurate information, be sure to amend it right away. On the annualcreditrreport.com site you can dispute any information you believe is incorrect. You may also write to the credit reporting bureau directly that is listing the inaccurate information.