Divorce and Credit Report

Many people who have recently been through a divorce find that their credit rating suffers significantly because of the financial turmoil the frequently accompanies divorce.

The situation that you describe in your question, in which your former spouse has failed to make payments on debts after being ordered to do so by the court, is one of the most common reasons for lingering credit problems after a divorce. I encourage you to speak with your attorney about your ex-husband's failure to make his required payments. Generally speaking, if the court finds that your ex-husband is in violation of the original divorce decree, the court may hold him in contempt until repays the debts as required by the court order. Once your ex-husband has started making payments on the accounts in your name, your credit score should begin to improve as the accounts start reporting positive payment histories. BUT - even a court order will not necessarily improve your credit rating.

You may also wish to place a consumer statement on your credit report so that potential lenders who pull your credit report are aware of the fact that your ex-husband is supposed to be repaying these debts, but that he has failed to do so. If you would like to include a statement on your credit reports, you should contact each of the three major credit bureaus (Equifax, Experian, and TransUnion) to find out the procedure for including a statement on each of your credit reports. While a personal statement will not change your credit score and will not necessarily cause creditors to be more willing to lend you money, it should at least explain to situation to potential lenders and may improve your chances of qualifying for new credit.

There are three major credit bureaus that offer credit reports, if there is something that you want added or removed, you should contact them directly:

Again, I encourage you to speak with your attorney, or a licensed attorney in your state to understand what legal options you have.

Bills.com offers a wealth of information regarding the various debt help options available to consumers — visit Debt Help for more information.

I hope this information helps you Find. Learn & Save.

Best,

Bill

www.bills.com/