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Protect Your Credit
Read below for a few tips on how you can protect your credit score during the divorce process.
The entire divorce process can be a challenging trek, and it’s ever-important to not overlook the impact it can have on your credit score. Carefully managing your finances during this time can help stabilize your score and have a great impact on your financial future. Here are some practical steps you can take to safeguard your credit during this time.
- Close joint accounts
One of the first steps you can take to help protect your credit is to close any joint accounts you share with your spouse. Joint credit cards, loans, and other accounts can leave you vulnerable to the actions of your ex-partner, so closing these accounts or removing your name can prevent any negative financial activity that could affect your credit. - Monitor credit reports
Regularly monitoring your credit report is very important, especially during this time. Checking for any discrepancies between bureau’s reports and scanning for unauthorized activities is a good place to start. You should make sure that if closed or removed your name from any joint accounts, that those changes are reflected accurately. - Update personal information
Ensure that all financial institutions, creditors and other relevant authorities are aware of our change in marital status, name, address, and other important information. Keeping this information up to date is one of the easiest ways to stay on top of your financial situation. - Consider an expert
A financial advisor can be a good tool to help get back on a strong routine after your separation. Whether it’s budget guidance or someone to help talk through important decisions, talking to a pro is a good tip to make sure you don’t go under. - Establish individual credit
If you’ve relied heavily on joint accounts during your marriage, it’s time to start building credit in your name alone. The sooner you start, the better. Open any credit cards and accounts you may need in your own name to establish your own credit history and take control of financial independence.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.