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Over One Third of All Credit and Credit File
Troubles Related to Divorce!
Insist the bills be paid and house be refinanced to
avoid credit problems later
San
Diego, CA.
Most questions about
credit problems involve individuals whose credit rating was damaged by a
former spouse after a divorce or separation agreement reports the nonprofit
Institute of Consumer Financial Education (ICFE), a San Diego based group,
helping consumers become better spenders, better savers and wiser users of
credit in addition to helping them avoid credit repair scams.
"In most instances, these individuals allowed their former spouse to 'take
over' responsibility for payment of jointly held debts as a part of the
separation or divorce agreement - which is a mistake, because it may come
back and haunt you until the debts or mortgage are paid in full. It may also
preclude you from getting credit on your own for years after the divorce,"
says ICFE executive director, Paul Richard, RFC.
"The reason is creditors are not a part of the divorce agreement and in most
instances probably would not approve of the arrangement anyway. The only way
to protect your good rating and avoid any future damage by a former spouse
is to insist that all debts mutually held by the couple before the divorce
be either paid in full and or separately refinanced by the individual who is
to assume the debt," Richard explained.
"Further, any jointly held credit cards should be cut up and returned to the
issuers with instructions that the account be closed. Either party in the
divorce who desires a credit card should make a new application for credit
based on their own individual credit standing.
For consumers desiring additional help, the ICFE publishes the "Do-It-Yourself
Credit File Correction Guide" in
English and
Spanish. Included in the Guide are step-by-step instructions
on the credit repair process, an explanation of consumer credit rights, and
sample letters to use when communicating with the various credit reporting
agencies about credit file questions and mistakes.
The "Do-It-Yourself Credit File Correction Guide," in both
English and Spanish, is available for $10 each plus $2 postage. The Los
Angeles Times Book Review calls the ICFE Guides "user friendly."
Send $12 to: ICFE U.S.
PO Box 34070
San Diego, CA 92163-4070.
Or please call 619-239-1401 or visit the ICFE's Web site at:
www.icfe.info and order securely on line.
($2 postage is for book rate mail, add $2 extra ($4 total postage/handling
for 1st Class Mail or Priority Mail).
©
Paul Richard, RFC and the Institute for
Consumer Financial Education. All rights reserved.
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