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Credit, Divorce & Your Credit Report

If you are divorced or are considering divorce, you need to consider how your credit will be impacted.

Divorce Decrees and Agreements

A divorce decree or separation agreement does not relieve you from repaying your bills. You must still continue making payments on all of your joint credit accounts (such as credit cards, mortgage and car). If a payment is late, missed or not paid at all, your credit can be negatively effected.

Your Next Step
It is extremely important that you receive your credit report as soon as possible. Your credit report will verify exactly which creditors are yours, which are your spouses and which are joint accounts.

Above All

Make sure you continue to pay your bills

Start to establish separate credit accounts

If possible, close any joint accounts

Set up security measures to prevent access to your accounts

Obtain your credit report and credit score

Credit & Divorce FAQ
Do I really need to receive my credit report?
Yes. When many divorcees receive their credit report, they find that they owe money to creditors that they never knew existed.

How is this possible?
Over time couples and creditors have a tendency to merge account information. Without realizing it, your spouses creditors can become part of your credit report file.

What can I do about this?
A joint account can be transferred to the person that is solely responsible for the payments.

What else can I do?
Start to establish credit in your name as soon as possible.

What security measures can I set up?
Unfortunately, divorces can be ugly. The last thing that you want or need after a divorce is for your spouse to apply for credit using your name and your personal information. If necessary, include a security statement in your credit report (with each credit bureau) requesting that no company should grant credit to anyone without notifying you first.

Credit Report Tip

Getting a divorce does not relieve either partner from a debt that was originally set up as a joint account. Make sure that you check your credit report before filing for a divorce to ensure that your credit remains intact.

Financial Directory

CCFCofAmerica.com is in the process of completing a free financial services directory.

Once completed, you will have access to all of the following financial service providers:
-Credit Counseling
-Debt Consolidation
-Debt Settlement
-Credit Report Service
-Credit Repair Service
-Loan Officers
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-Plus more!