Credit Protection

How to Stop Credit Damage After a Divorce

1. Request for Account Address Correction: This makes sure that as long as you are a signer on the account that you receive a timely copy of the monthly bill.
2. Notification to Creditor of Non Responsibility:  This makes sure that you limit your financial responsibility even if you are still a signer on the account.
3. Request for Separate Account for responsible balance: This requests a transfer of your portion of the balance to a separate account so that whatever happens on the joint account is not your responsibility.

The Importance of Proper Creditor Notification

Without proper notification, the creditor will hold both parties responsible for amount owed on that account no matter who actually made the purchase or who actually got the goods or services that were paid for using the joint account as per the original contract. The creditor will routinely put late payment remarks on the credit report of both parties because they have no information or Account Holder Request/Notification to stop them from doing otherwise. For a simple solution that ensures your creditors get the timely and accurate notices required by law get the  SPAN Kit

Ex Out of Joint Accounts

If either “Ex” runs up the balances on the joint accounts, the ripple effect of such charges can be like a tidal wave. The monthly payments typically go up because of the higher balance, and the debt-to-income ratio is eroded for each “Ex” making it harder for each party on the account to get new credit at all, or usually at a higher cost. This debt to income ratio is important for buying a car, getting a credit card, or buying or refinancing a residence.

Want a simple solution for creditor notification and credit self defense?
Try the SPAN Kit!