MANAGING YOUR CREDIT AFTER DIVORCE

CHECK YOUR CREDIT, PROTECT YOUR CREDIT AND SEPARATE YOUR FINANCES

HOW TO CHECK YOUR CREDIT AFTER A DIVORCE

As a good rule of thumb, you should check your credit yearly to ensure you’re not a victim of identity fraud. But, when you’re going through a divorce, you should check it every couple months.

CHECK YOUR CREDIT MORE OFTEN WHILE GOING THROUGH A DIVORCE

HOW TO CHECK YOUR CREDIT AFTER A DIVORCE

• There are 3 different credit bureaus, all of which allow you to check once per year without penalty.

• Don’t just look at the credit score; analyze all of the items.

• Make sure your new address is reported (if you’ve moved)

• Make sure all debts are in good standing.

Experianhttp://www.experian.com/

TransUnionhttp://www.transunion.com/

EQUIFAXhttp://www.equifax.com/home/en_us

WHY IT MATTERS

Ideally, you and your spouse have separated on good terms and you’ve split your finances. Even in the best of circumstances though, bills that have both your names attached to them can slip through the cracks or your ex may be dealing with too many bills and is starting to fall behind on accounts that are in both your names. You could also be dealing with an ex who’s willing to drag your credit score down in an attempt at revenge. Whatever the situation, having a clear view of it is the first step to getting your credit score back on track.

HOW TO PROTECT YOUR CREDIT DURING A DIVORCEGoing through a divorce is expensive enough without the threat of ruining your credit line.

The best time to protect your credit during a divorce is right now. Whether the ink has already dried on the papers or if you haven’t even called the lawyers yet, you should begin thinking about your financial future. Even if your divorce is amicable, your first order of business is to divide your financial assets as seamlessly as possible.

5 IMPORTANT STEPS

• Split/Close Joint Accounts• Transfer Debt• Monitor Remaining Joint

Accounts• Freeze Your Credit if

Necessary• Control Your Own Budget

HOW TO READ YOUR CREDIT REPORT

It’s important to not just check one of your credit reports, but to review them all. Some creditors report to only one agency, while others report to 2 or 3. It’s likely your scores and reporting are similar, but most likely will vary on a few items. If you only check one report, you could miss something important on another.

Check your reports for:

• Accurate Personal Information• Negative Accounts• Accounts in Good Standing• Credit History Requests• Anything that Looks Out of the Ordinary

NOTICE SOMETHING WRONG?

If you've noticed something incorrect on your report, a dispute form is the place to note it. Whether your spouse's name is wrong or your report shows an account you never opened, there's a place on this form for it.

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