21 March 2011 0 Comments

Divorce and your credit

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Going through the divorce process does not only entail money, assets and property.  You should make checking your credit report part of your divorce process.  The information in this report can affect buying a home or car down the road. 

If your credit report is not good because of the negligence of your former spouse, contact the creditor and discuss the situation.  If it was a joint account, you may be held responsible even though you did not incur this debt.  Ask them if they can remove the bad rating from your file. 

Make sure you check the address listed for you; change it if it’s the one you shared with your former spouse.  By doing so, you will receive notifications of any problems. 

Did you know that having a high debt-to-credit ratio can be a reason you do not get a loan?  Pay off or pay down your credit cards – use any cash settlement you may receive during the divorce process.  Paying your credit cards down can really make a big difference on your overall score. 

It is a good idea to cut up all except one of your cards.  Be careful not to incur any new debts once the old ones are paid.  It takes time, but your financial security can one day be secure. 

If you have any questions regarding your credit or credit rating report, contact an experienced Riverside Family Law attorney who can walk you through the process and show you how to get the credit rating you deserve and need in your life.

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