A credit report is more than just a summary of how a person repays their
debts. In many ways it can offer a deeper reflection of the character of
a person than can any other indicator. On one side is the borrower with
a high score, perfect trade ratings and no public records or
collections. On the other side is the borrower with the rolling
delinquencies, repossessions and collections. Quite often when spouses
enter in to a marriage from both sides of the spectrum the end result is
divorce.
If you have gone through—or are considering—a divorce, take a close look
at the issues involving your credit. Pay attention to the status of your
credit accounts. If you maintained joint accounts during your marriage,
it is important to continue to pay the regular required payments. As
long as there is an outstanding balance on your joint account, both you
and your spouse are responsible for payment. Generally, any debt
incurred by your spouse is also your responsibility, regardless of whose
name is on the account.
If you are contemplating separation or divorce, you may wish to contact
your creditors in writing to ask that they close your joint accounts (or
accounts where your spouse is an authorized user). The creditor cannot
close a joint account because of a change in marital status, but they
may close a joint account at either spouse’s written request. The
creditor does not have to change a joint account to an individual
account, and may ask you to reapply for a credit account as an
individual and then, on the basis of your application, extend or deny
you credit.
Consulting an attorney regarding these sensitive matters is always prudent.
Look out for more of my Information for Life
Sincerely,
*Tim Barlow*


RISMEDIA, January 23, 2010-By now it is well documented that today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory. What many Americans might not realize is that a recent expansion of the buyer tax credit has created an equally desirable opportunity for existing homeowners.
Avg. Sales Price: 379,000
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