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Blakk Frogg Suggests That You...
"Protect & Monitor Your Credit After A Divorce!"
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Don't let your ex trash your credit
By Liz Pulliam Weston
You need an action plan
"How many divorce attorneys sit down with their clients and talk about how they're going to handle joint debts?" Boohaker asked. "They let (the clients) go off and solve that on their own."
Martin's experience prompted him to help start a business to help people protect their credit in a divorce. The business, DC Processors of Southlake, Texas, contacts creditors and arranges for accounts to be closed or frozen.
Shutting off the tap before a divorce is final, Martin says, can prevent years of headaches afterward. But even if it's too late to close that particular barn door, you may still be able to contain the damage.
Here's your action plan, starting with unsecured accounts, such as credit cards and personal loans:
Identify your vulnerable accounts. You need to track down each and every credit account your spouse could access, either as a joint borrower or as an authorized user. ("Authorized users" are typically added after an individual account is opened. Unlike joint borrowers, authorized users aren't contractually obligated to repay any charges they make.)
In addition to the accounts you use frequently, you'll need to look for ones you haven't used for years, such as all those department store cards you opened to get 10% discounts.
You can search through your old paperwork to find these records, but it's probably quicker and more effective to get your credit report from each of the three major bureaus -- Experian, Equifax and Trans Union. Or you can get all three reports consolidated in one here, since one may list credit accounts the others missed. Then:
- Make a list of all the accounts that are listed on your reports as "open." The credit report will show whether the account is joint or individual, but may not indicate whether there are other authorized users. For that, you typically have to ask the creditor directly.
- Find account numbers for each open account. You'll need these when you call the lenders, but your credit report will list only partial numbers. Now's the time to drag out your old paperwork and start sifting.
- Get contact information for each creditor. Customer service numbers are typically listed on the back of the credit card or printed on monthly bills. If you don't have a card or a bill, try the number listed on the credit report. (Although this is often a number meant for lenders only, you may be able to get them to connect you to customer service.) If all else fails, use an Internet search engine to track down contact information for your creditor.
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