Unfortunately, for many, the experience is the exact opposite. Unfulfilled promises to pay bills, the maxing out of credit cards, and a total breakdown in communication frequently lead to the annihilation of at least one spouses credit. Depending upon how finances are structured, it can sometimes have a negative impact on both parties.
The good news is it doesnt have to be this way. By taking a proactive approach and creating a specific plan to maintain ones credit status, anyone can ensure that starting over doesnt have to mean rebuilding credit.
The first step for anyone going through a divorce is to obtain copies of your credit report from the 3 major agencies: Equifax, Experian, and TransUnion. Its impossible to formulate a plan without having a complete understanding of the situation. (Once a year, you may obtain a free credit report by visiting www.AnnualCreditReport.com.)
Once youve gathered the facts, you can begin to address whats most important. Create a spreadsheet, and list all of the accounts that are currently open. For each entry, fill in columns with the following information: creditor name, contact number, the account number, type of...
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