Protecting Your Credit During Divorce

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Protecting Your Credit During Divorce


Summary:

Divorce can be a life-altering experience, but it doesn't have to derail the credit status you've worked hard to build. With a proactive approach, you can safeguard your financial future.

Key Points:

- Understand Your Credit: Start by obtaining your credit report from Equifax, Experian, and TransUnion. This will give you a clear picture of your financial standing. You can get a free report annually at [www.AnnualCreditReport.com](http://www.AnnualCreditReport.com).

- Organize Your Accounts: Create a spreadsheet listing all your accounts with details like creditor name, contact number, account type, status, balance, minimum payment, and who is responsible (joint/individual/authorized signer).

- Secured vs. Unsecured Accounts:
- Secured Accounts: These are attached to assets, like car loans and mortgages. The best option is to sell the asset and pay off the loan. Alternatively, one spouse can refinance the loan to remove the other's name, but the refinancing spouse must qualify alone.
- Unsecured Accounts: Commonly credit cards, these should be closed or transferred to individual names as quickly as possible. Joint accounts with balances should be frozen to prevent additional charges.

- Protect Your Credit: Make sure to keep making payments on debts associated with your name. Even one missed payment can severely impact your credit score. Remember, a divorce decree doesn’t alter agreements with creditors?"both parties can be affected by non-payment.

Important Tips:

- Consult Professionals: Work with a qualified mortgage professional for guidance on handling existing home loans and equity.
- Act Fast: Quickly eliminate joint accounts and remove names where needed to protect your credit.

Divorce is undoubtedly challenging, but by following these steps, you can preserve your financial well-being and credit integrity.

You can find the original non-AI version of this article here: Protecting Your Credit During Divorce.

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