Divorce is a Good Reason to See Your Credit Consultant

Divorce can ruin your credit history and credit score.

Divorce can be a complicated and nasty process causing many psychological, financial, and other difficulties. And it also can ruin your credit history and lower your credit score! Using the services of professional credit consultants can minimize the impact of divorce.

One of the most common misconceptions associated with divorce is the belief that if your ex-spouse does not pay on joint credit lines it does not affect your credit history after divorce. Actually, it is not true.

Your ex-spouse’s behavior may produce a very significant influence on your credit score. If you signed a loan application with your spouse and, thus, became a co-signor, it means you took an obligation to be responsible for this loan. This obligation is valid even after divorce. And even if the court ruled out that your ex-spouse should pay off this particular loan.

If your ex-spouse defaults, you are still liable for this credit line, and lenders are legally authorized to go after you and your property. But the good news is that you can place a special note (up to 100 words) on your credit report explaining your situation to the creditors.

Besides, experienced credit professionals can help you overcome all possible difficulties and create a winning financial strategy restoring your credit history.

So, divorce is a good reason to contact your credit consultant!