Credit Reports for Women and The DivorcedIf you are a recently divorced or widowed woman you may find yourself in a financial situation you are not used to dealing with. If your husband took care of the bills and was the major bread winner, then you may be unsure of where you stand financially.
First Things First
The first thing you should do is get a copy of your credit report from all three credit bureaus, Equifax, TransUnion and Experian. You will also need is a copy of your spouse’s credit report. It may come as surprise to find that many items are listed on both the husband’s and wife’s credit report even if only one of them initiated the bill. Go over your credit report and your husband’s and check for any mistakes.
You are Responsible
Whether you are a woman or a man, in a divorce you may find yourself responsible for your spouse’s bills. If your wife ran up huge shopping bills while married to you, the creditors could come knocking on your door for payment. Even though the bill was in her name you could still be held responsible.
Likewise, if part of the divorce settlement was for your husband to pay off all the credit cards and auto loans and he does not, you could be looking at bad credit on your bill. Creditors often do not care which partner in the marriage initiated the bill, only that they get their money.
No Credit Can be Bad
You might think you are all right if you have had no credit at all. Nothing in your name alone and you were not on anything joint either. Actually, no credit can be almost as bad as bad credit. If you do not have established credit then you will not be able to get the financing you need if you wish to purchase a car or a home.
If this is your situation than take some small steps to establish good credit. Get a credit card and buy necessary items like groceries and pay them off at the end of the month. Pay all your bills on time and do not go for financing scams that promise easy money.
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