As you may have experienced, divorce can be expensive – from attorney fees to dividing of assets. But did you know that getting divorced can also negatively impact your credit score?
Keep in mind that getting divorced itself does not hurt your credit, but your credit score can take a hit by indirect outcomes of divorce. Two key examples include:
Joint Accounts No Longer Paid – If you had joint accounts while married, someone still needs to pay those after the divorce. And if you’re former spouse decides to no longer pay his or her portion of those bills, then your credit will take a hit. Why? Because these bills are also in your name. So, make sure you separate your accounts.
Not Enough Money – After getting divorced, you may find yourself trying to maintain the same household but without the shared income of your former spouse. As a result, you may fall behind in paying your bills, and that means your credit score will take a hit. Make a monthly budget and reduce spending where you can.
What if you could start re-building your credit? Solutions like RentReporters can help you get there by reporting your on time rent payments to TransUnion. The process is simple – sign up for an account, we verify your rent payments, and then we report your payments to TransUnion.
The time is now to proactively build and improve your credit score so that you can make what if you could a reality.
And if you’re a landlord, RentReporters can help you, too, make what if you could a reality, like finding and keeping the best tenants. With our new partnership with TransUnion SmartMove, you can easily access comprehensive information on your applicants’ backgrounds to help you make that critical decision about who to rent to and who to decline.
For more information on RentReporters, visit here.