Credit scores carry ever more weight in American society. They are used for everything from buying a house, applying for a loan or a credit card, and even for getting a job in Georgia. Maintaining a good credit score is therefore critical in today’s society, but it is often disregarded in the process of a divorce.
A woman in another state had an overall credit score of 700 prior to a divorce. Ten years after the divorce, that score is around 585. While 700 is considered a good score, the score of 585 is only fair and may not be viewed favorably by lenders or employers, for example. This can hamper a person’s ability to rebuild a life following a divorce.
There are steps that can be taken to maintain a good score in spite of a divorce. A person should order a copy of his or her credit report. A review of this may uncover issues that weren’t previously known. Joint accounts should be split into individual accounts to establish credit in each person’s name. Freezing credit card accounts can also be a useful step in preventing a soon-to-be ex-spouse from running up unwanted debt.
Credit scores, fairly or unfairly, govern much of what one can do and what one can accomplish. A person facing a divorce in Georgia may want to speak with a family law attorney for advice on protecting and maintaining one’s credit through the divorce process. A knowledgeable lawyer can review a person’s financial situation and help advise the client on options that are available to protect and build credit going forward.