How to Protect Your Credit Score in a Divorce | MD Divorce Lawyers | Andalman & Flynn Law Firm
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How to Protect Your Credit Score in a Divorce

Sep 17, 2018 | Divorce Law

Among the issues to consider in the divorce process is preserving your credit score and your access to credit. Credit scores can be used by potential lenders or potential landlords to assess your financial circumstances as part of the determination about whether you might qualify for a mortgage, have access to other credit, or secure a rental residence. Your ability to secure a new home or to use credit for other expenses may depend on your credit score and access to credit.

Run a credit report early. As part of the divorce process, you may want to review your credit report to address any reporting errors. These errors might, for example, include balances or accounts which might more appropriately be attributed to your spouse. Each reporting company will provide an annual credit report to you free of charge. Any errors can and should be cleared up with communication with both the credit reporting agency and the entity making the report. The attorneys at Andalman & Flynn P.C. can help you to review your credit report, to assess whether errors have been made, and to clear up any issues in the reporting process.

Print and review your credit report. Getting a copy of your credit report will also provide to you a picture of your obligations and payment history allowing you to set a plan to pay off or pay down your obligations. Developing a consistent plan for repayment can help to increase your credit score. In the divorce process, you will want to plan your cash flow to make sure that payments can be made on time. Late payments can be damaging to your credit score. If you are unable to timely pay an obligation in full, the attorneys at Andalman & Flynn PC can assist you with evaluating options for a payment plan or other program to ensure that payments are made and to avoid a collection proceeding.

Contact the lawyers at Andalman & Flynn in Maryland for help. If you need help with any of a variety of other legal matters, the attorneys at Andalman & Flynn are here. Don’t hesitate to contact us today at 301-563-6685.


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