Does Getting Divorced Affect Your Credit?

While the act of divorcing doesn’t directly hurt your credit, a divorce could indirectly lead to financial troubles that do hurt your credit.

Divorce could hurt your credit score if payments aren’t made on accounts you hold jointly with your ex or soon-to-be ex. In some divorce proceedings, the judge declares one spouse responsible for the joint debt.

If that spouse fails to make a payment, the creditor will add the late payment to both your credit reports. Despite what’s in your divorce agreement, the original credit card or loan agreement still stands. Any missed payments will affect everyone who’s listed on the account.

Watch the video to find out how you can protect yourself and your credit from a divorce.

If you have any questions, contact me. I’m here to help!

By |2020-01-30T18:50:54+00:00January 30th, 2020|Mortgage Tips|0 Comments