The news has been pulsing with shockwaves of infidelity from prominent politicians and celebrities. While many of these stories revolve around an extra-marital affair (or five), there is a quieter type of cheating that catches many spouses off guard: financial infidelity.
Your spouse’s financial indiscretions while you are married can ruin your credit, whether you know about them or not. Did one of you open a credit card, go on a whirlwind shopping spree and not tell the other? During divorce proceedings, this debt will come to light and you may both be equally responsible. If bills have gone unpaid, IRS debts remain unresolved, or outstanding loans are headed to collection, most states require that both parties be held responsible.
Divorce proceedings can be complicated and extremely messy, and can financially ruin everything you have built for yourself, including your credit score. One of the first actions you should take when filing for divorce is to pull your credit data from all three of the major credit bureaus – TransUnion, Experian, and Equifax. This information will show you what debts you are on the hook for, as well as what joint accounts you may have with your spouse. Consult with your lawyer on the best tactics to take in regard to settling and/or freezing accounts.
At , you’ll not only get instant access to your 3 credit scores; you can also check your complete credit profile and review monthly updates to see if anything has changed. To help ensure that your credit stays protected, FreeScore monitors it 24/7 for fraud and errors, and alerts you when activity, like a new account opened in your name, is detected.
Has divorce ruined your credit score or finances?
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