Divorces are on the rise everywhere. It is a complicated and draining process when a couple decides to part ways legally.
Separation involves two things - one is the divorce itself and the other one is the financial separation. Even after a divorce, you can still be connected financially with your ex-spouse.
During a married life, there are many things that a couple does jointly, like purchasing properties or other assets, taking out loans and also, getting credit cards.
Financial effects of divorce
A divorce can impact your finances greatly if not handled carefully. It is imperative that the financial matters between the two should be arranged properly because if it is left unsettled, it can affect their credit reports.
For example, if one of them has a poor credit profile, it would still reflect on the other one's report. This will impact the latter's score and the lender might not entertain the loan application.
Hence, it is wiser to close all joint accounts. In many cases, it has been seen that after divorce has taken place, the ex-spouse attempts to get the others credit report and takes advantage by taking out loans.
Therefore one should take necessary steps to sever the financial ties completely in order to stay safe from such quandaries.
Keep your former partner from getting your credit report
Your ex-spouse will know a lot about your personal information and can easily get a copy of your credit report. To stop it from happening, you should immediately inform the bureaus and get your new address updated with them.
It is important, as they will deliver the report on the address they have with them in the file.
If the address is different on the request for a copy of the credit report, the agency will ask for additional documents like driver's license, utility bills or credit card bills to authenticate that you live at that address. If your ex-spouse has moved to another place, he or she will not be able to provide those additional documents.
Your identity is vulnerable even in the virtual world. Your ex-spouse can easily get access to your credit report, as he or she may know your vital personal and financial details.
The online test to verify that you are requesting for the report can be easily passed with the help of such information. Therefore, it is very difficult to stop your former partner if he or she has all your information.
Finally, it is illegal to falsely access your credit report. You can always take a legal action against your ex-spouse if such unfortunate event happens.