There are often a lot of things to worry about when you are going through divorce, but one of the most important things to consider is your finances. It's especially important to consider your credit score because it can have a strong effect on your future financial wellbeing.
It's a good idea to find out what your credit score is from sites like Credit.com so you know where you stand. That number will determine your ability to get loans, mortgages or even be able to rent in the future. Your credit score could significantly drop for a variety of reasons. One reason may be that your expenses have increased or your income has decreased after divorce. That is a likely scenario because you are no longer splitting expense with your spouse.
Another issue that can come up is when an ex-spouse falls behind on paying down a debt that was part of a mutual account. According to the director consumer education for Credit.com, it's also common for individuals to steal their ex-spouse's information in order to get utility services or open new credit.
It can be incredibly easy to let bills pile up, especially as one navigates the stressful process of divorce. Nonetheless, the importance of knowing your credit score cannot be understated, because it has a direct effect on a person's future. Your credit may even affect your ability to get hired somewhere or to start a small business. In our next post we will continue our discussion on the importance of knowing your credit score.