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Getting divorced is never easy. Although it is an unfortunate fact of life for more than half of all U.S. couples, parting ways with your spouse doesn\u2019t mean that your credit has to take a hit.<\/p>\n
Separating financially is crucial as most married couples share joint assets, such as homes, cars, credit cards and loans. But the division of these accounts can be a messy financial predicament.\u00a0 It is important for you to protect your credit, and good name, as you work towards an independent life from your spouse.<\/p>\n
1. Calendar payments. <\/p>\n How to get credit reports<\/strong>.\u00a0 We suggest that you send a written request<\/a> to each credit bureau to obtain a report.\u00a0 Your letter should include two forms of identification, such as a current driver’s license and utility bill. It takes about two weeks to receive your reports.\u00a0 While you can also obtain your reports online through www.annualcreditreport.com<\/a>, this method requires you to agree to terms in a \u201cclick\u201d agreement, which could negatively impact your consumer rights.<\/p>\n 3. Identify your accounts <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Financial Separation is Key Getting divorced is never easy. Although it is an unfortunate fact of life for more than half of all U.S. couples, parting ways with your spouse doesn\u2019t mean that your credit has to take a hit. Separating financially is crucial as most married couples share joint assets, such as homes, cars, … <\/p>\n![\"\"](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2020\/12\/Image-2-Divorced-Couple-2-1024x639.jpg\")
Joint accounts have joint consequences, and o<\/span>ften with the stress of divorce one spouse may have forgotten to make a payment, or assumed the other spouse did. Missed or late <\/span>payments may result in contact from debt collectors, negative credit reporting and lowered credit scores.\u00a0 <\/span>To ensure joint accounts get paid properly and on time take these steps:<\/p>\n![\"\"](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2020\/12\/Image-3-Financial-Calendar-300x200.jpg\")
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\n–\u00a0 \u00a0Identify accounts: your name v. joint.
\n–\u00a0 \u00a0Create a file for each account.
\n–\u00a0 \u00a0Organize account statements.
\n–\u00a0 \u00a0Calendar payment due dates.
\n–\u00a0 \u00a0Review accounts for payment status.<\/p>\n![\"\"](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2020\/12\/budget-2-300x200.jpg\")
2. Obtain Current Credit Reports.<\/strong>\u00a0 Transunion, Experian and Equifax are the three main credit reporting agencies. Consumers are entitled to receive one free<\/em> credit report from each bureau every year.\u00a0 Sometimes, consumers choose to enroll in a credit monitoring service which enables review of credit reports on a regular basis throughout the year.<\/p>\n
\n<\/strong>Review your reports and identify accounts in your name and those that are joint with a spouse.\u00a0 Evaluate your reports for errors such as:<\/p>\n\n
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4. If Inaccurate…Dispute!\u00a0<\/strong> After obtaining your credit report, if there are errors, you should send a dispute letter<\/a> to the credit reporting agency to request that the errors be corrected.\u00a0 Be sure to enclose documents that support your claim. The credit bureaus have 30 days to respond to your dispute. You may include documents such as, account statements, cancelled checks, court docket information, or collection correspondence that\u00a0 prove why your claim of an error is valid.<\/p>\n![\"\"](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2020\/12\/Image-4-Personal-Finance-2-300x235.jpg\")
One Dispute Letter Per Error. <\/strong>If you find multiple errors on a credit report, dispute them individually with the bureau. Enclose a copy of the credit report with the error highlighted and your supporting documents. The credit bureaus then have 30 days to respond to your dispute letter.<\/p>\n![\"\"](\"https:\/\/www.consumerslaw.com\/blog\/wp-content\/uploads\/2020\/11\/2-FCRA-Book-with-Pen-300x200.jpg\")
The Fair Credit Reporting Act\u00a0<\/strong>
\nThe Fair Credit Reporting Act <\/a>is a federal law governing how consumer credit information can be used and distributed. Consumers have the right to see what\u2019s on their credit reports<\/a> and dispute errors and inaccurate information. Errors not corrected, may violate the consumer’s rights.<\/p>\nSeek Legal Help<\/h3>\n
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Flitter Milz, P.C. represents people in consumer credit matters related to credit reporting accuracy and privacy, abusive debt collection contact and vehicle repossessions which stem from a pending divorce or separation.\u00a0 Contact Us<\/a><\/strong> for a no-cost consultation.<\/p>\n