A+ Financial Services


Going through a Divorce and Worried About your Credit?

Well, you should be.  Joint debts can wreak havoc on your credit if your ex-spouse doesn't handle them properly and your divorce decree doesn't really protect you.

For instance, if you have a joint auto loan and the divorce decree specifies that your ex will keep that auto and will refinance the loan into just their name, what happens if they don't?  And what happens if they make a car payment 30+ days late?  Your credit gets hit – that's what happens.

A lot of people seem to think that their divorce decree absolves them of any responsibility for a debt that their ex is supposed to take over, but remember:  Creditors are NOT a party to your divorce decree. They're under no obligation to remove you from that note and in fact, it's in their best interest to have you remain on it in case the debt starts going south.  It gives them another person to go after should the debt default.

So what should you do?  There are a lot of things you can do to protect your credit during a divorce which is why A+ Credit, LLC. is pleased to announce their first Divorce & Credit class on February 25, 2010. This class is designed for those who are going or have gone through a divorce and want to protect or restore their credit.

The first and easiest thing to do is to begin monitoring your credit.  Most credit monitoring programs offer a free credit report when you sign up.  That way you'll be able to see what is actually reporting on your credit and start taking steps to protect those accounts.  We recommend Identity Theft  Shield through Prepaid Legal Services.  (www.apcidt.com)

If you've already gone through a divorce and have experienced damage to your credit, there are steps that we can help you with to begin restoring it.  Call Karen at (502) 459-2222 or Chad at (502) 213-0875 to discuss the options for improving your credit profile.


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