How does divorce affect consumer credit?

A divorce does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. To protect yourself on credit card accounts, you should transfer debts from joint accounts to individual accounts. On installment loans, they will usually have to be completely paid off and refinanced into one person's name in order to release liability.  more

A divorce does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.

A divorce decree does not supersede the original contract with the creditor, and does not release you from legal responsibility on your accounts. You must contact each creditor and seek their release of your obligation. Only after that release can your credit history be updated accordingly.  more

Asked in Personal Finance & Tax at 6:51 PM on December 23, 2008 Tags: divorce, affect, consumer, credit  more

A divorce decree does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly.  more

A divorce decree does not supersede the original contract with the creditor, and does not release you from legal responsibility on any accounts. You must contact each creditor individually and seek their legal binding release of your obligation. Only after that release can your credit history be updated accordingly. Should I use one of those companies that promise to help correct my credit? It's your choice. However, beware of companies that promise to remove accurate information from your credit file. Accurate information cannot be removed from a credit file. There is nothing they can do for you that you cannot do for yourself by contacting the credit reporting agencies directly. Only time will heal a delinquent credit history.  more