by: Michael Saunders
If you are married, separated, or divorced, and most of the credit you obtained is in your spouse's or ex-spouse's name only, you should start to get credit in your name, too.
Getting credit in your own name is also an excellent strategy for repairing your credit if:
a) All or most of your financial problems can be attributed to your spouse, or
b) you and your spouse have gone through financial difficulties together, but most credit was in your spouse's name only.
In order to understand how this works, you first must learn about which of your spouse's accounts can appear on your report. Here are the rules:
Credit bureaus must include information about your spouse's account on your credit report in two situations: (a) you and your spouse have a joint account (that is, you both can use it), or (b) you are obligated (responsible for paying) on an account belonging to your spouse, even if your spouse is the primary signer on the account.
Credit bureaus cannot include information about your spouse's account on your credit
report if the account is not joint and you are not responsible for paying the account. (continued...)
Building Credit In Your Own Name After A Divorce
About The Author
There is a new, seven-foundation partnership established that support nonprofits to become more effective and engaged. The Fund for Shared Insight has announced its first round of grants, which are intended “to encourage and incorporate feedback from the people the social sector seeks to help; understand the connection between feedback and better results; foster more openness between and among foundations and grantees; and share lessons.”