Protecting Your Credit Score During Divorce

Going through a divorce can be an emotionally taxing experience between legal proceedings, emotional adjustments, life changes, and managing your finances. One crucial aspect of your finances to focus on is your credit score. A good credit score is your gateway to future financial opportunities. 

1. Monitor Your Credit Reports: Regularly checking your credit reports can help you to identify any discrepancies or unauthorized activities. You are entitled to a free credit report every 12 months from either Experian, Equifax, or TransUnion. 
2. Communicate with Creditors: Open communication with your creditors is vital. Inform them about your divorce and your intent to manage your accounts responsibly. Some things you could consider are negotiating payment terms and asking for hardship programs that help to provide temporary relief during hard times. 
3. Protect Your Identity: Divorce can lead to malicious financial actions. It’s important that you change your passwords for your accounts and set up fraud alerts to help prevent malicious financial actions from taking place.
4. Maintain Timely Payments: Your payment history significantly impacts your credit score. Ensure that all of your bills are being paid on time. If necessary, set up automatic payments or reminders to avoid missing or late payments.
5. Budget For a New Life: Create a budget that reflects your new financial situation. List all of your sources of income and expenses to ensure you can meet your financial obligations without stress. 

Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, CDFA® I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more.

You don't have to go through this alone.

Contact me today at 716-800-4290 to schedule your first appointment.