Credit Reporting Agencies | Credit Reporting Agency Attorney

Credit Reporting Agencies | Credit Reporting Agency Attorney

 Family Lawyer 

The three main credit reporting agencies Experian, Equifax, and TransUnion are responsible for gathering and computing the credit scores for many types of debt obligations.  Credit rating is a vitally important criterion when seeking a mortgage, credit cards, or any other type of loan necessary to survive in the modern, fast-paced world of the 21st century.

When two people marry, their credit scores often become intertwined.  Depending on the state of residence, credit liability may become part of a community property issue during a divorce. In cases such as this, both spouses are responsible for the debts that accrue over the course of a marriage, even if the spouses apply for credit individually.  Credit reporting agencies see these people as one unit, regardless of who actually spends the money.  Many people in marriages often elect to start individual credit accounts in order to avoid these situations.

Should a marriage end in divorce, disentangling the credit scores of two people can be a daunting task.  Debt, property, assets, and other financial considerations can drastically alter credit ratings as understood by credit reporting agencies.  It is important to reestablish individual credit before, during, and after a divorce.  Divorces can often drain the cash resources of individuals, and credit can provide food, lodging, and basic daily maintenance.

If you have any questions about credit reporting agencies, you should contact an experienced credit reporting agency attorney.  Credit issues can be complicated and overwhelming, especially during a marriage or divorce.  Credit is one of the most powerful tools available in America today, but if it is abused or damaged, it can cause unimaginable hardship.  You worked hard to get your credit; let your lawyer work hard to protect it. 
Contact an experienced family lawyer who can safeguard your rights today.