Divorce is one of those things that has an impact on so many aspects of life, one that a lot of people don’t know about is your credit. How does it affect credit? Don’t divorce decrees separate who is responsible for each account? Today we’ll talk about how this can affect you, and what you can do about it.
Creditors, lenders, and credit bureaus don’t care about divorce decrees. For example, you and your spouse get an auto loan, both of your names are on the loan. You decide to get divorced, and in the divorce decree, the courts say your former spouse is responsible for the remainder of the loan, your former spouse neglects the loan, the account goes to collections. You notice that your credit has dropped, why is that? Creditors, lenders, and credit bureaus do not care what the courts said, your name was on the original document, you will still see the impact on your credit. So what’s the answer?
These days, a lot of people are saying, “don’t get married!” Well, that may be fine and good for some, but what if you already got married? Or, still believe in marriage and hope to find that someone special? There are a few things to prevent a credit situation like this, aside from the obvious not getting married, or not getting divorced. There’s the option of keeping all accounts separate, but that isn’t an option for everyone. All too frequently, it’s too late for a preventative action, and a remedy for the situation is needed.
Credit repair is an answer, an answer that can raise even more questions. Where do I start? Should I do this myself? Inversion Credit’s specialists can explain your options, and help set you on the right path. Click here to get in touch with a specialist who can guide you!
1-888-682-3455 -or- www.inversioncredit.com/lp