In our last post we started a discussion on the importance of credit scores after divorce. It may be the last thing someone thinks about while they are going through divorce, but forgetting about this important number can have negative implications in the future.
As many of our readers have likely witnessed, there are plenty of divorced people who have ended up filing for bankruptcy. The actions of one spouse can push another into bankruptcy, such as when they stop paying a mortgage.
But even though your credit score may take a beating during divorce, not all hope is lost. The sooner an individual can start paying their accounts on time, the sooner their credit score will recover. The first step toward improving your credit score is knowing what it is. In the meantime, you may need to turn to credit cards in order to get financing. It may also be possible to get a personal loan or to take advantage of a low-rate balance transfer. Another option is to take a loan against your retirement account, although this is not an ideal option. Lastly, you could get a loan from a family member or a close friend.
Finally, if debt collectors start contacting you in regards to debts that your ex-spouse is not paying, make sure you get that information in writing. If you find out that you do not owe that specific debt, let the agency know and ask them to stop calling. If they continue to call you, you may "file a complaint with the Consumer Protection Financial Bureau."