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 Posted: Mon Apr 25, 2005 3:58 pm Subject: Divorce & Credit |
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Divorce & Credit
- Both spouses need to write to all creditors on joint accounts, informing them of the separation and need for accounts to be closed. (most often if a balance is remaining) they may require that balance to be paid first before releasing obligation on the account.
You may deal with this in a number of ways, 1) refinancing, or 2) balance transferring to another account solely owned by the spouse who will be taking over responsibility.
- Sometimes creditors will let one spouse out of the responsibility without having to pay the balance off, but it is important that you get a confirmation letter from the creditor verifying their agreement to release you from the responsibility.
- If the divorce is finalized before separation of accounts - the creditors will hold both parties responsible regardless of the divorce decree!
In the even that one spouse does not fulfill their obligation to pay on such debt; the other will be faced with two unfortunate remedies.
- Pay the debt to the creditor which is outstanding to save the credit reporting from going negative, and
- Sue the other spouse in court for not having fulfilled their obligation to the divorce decree.
Ladies, if you take back your maiden name, then you have additional work cut out for you, which will include:
- Updating your driver's license to reflect correct name and address.
- Update the credit reporting agencies of correct name and address.
Same with guys, if you move you want to also notify the credit reporting agencies of your correct address as well as updating the DMV.
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Pammila
Moderator
Joined: 25 Apr 2005
Posts: 116
Location: Illinois Debtcc Points: 8471
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| Posted: Thu May 05, 2005 8:17 am Subject: |
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Hi,
Can you please clarify what are the consequences if one
doesnt update driver's license and correct address?
Thanks
Mike
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Mike
Marketing Dept
Joined: 28 Oct 2004
Posts: 1332
Debtcc Points: 24977
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| Posted: Thu May 05, 2005 3:17 pm Subject: |
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The credit reporting agency is not going to correct personal data on the credit report if you don't provide them with a copy of that drivers license a dispute might go ignored.
They likely will send out a letter telling the consumer that further data is required, being a copy of the drivers license.
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Pammila
Moderator
Joined: 25 Apr 2005
Posts: 116
Location: Illinois Debtcc Points: 8471
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