#8 - Protecting Your Credit During Divorce & Separation
SUMMARY One of the most challenging parts of weathering COVID-19 or divorce is managing your credit score. Both are major disruptions in your life and can be detrimental in maintaining good credit. Expert Bill Lewis offers numerous suggestions on how to efficiently manage your credit. Bill and Susan also discuss how to manage joint accounts and your overall credit score after a divorce. ------------------------------ HIGHLIGHTS [00:55] Susan introduces Bill Lewis and they talk about joint credit accounts and how they are affected by divorce. [04:37] How should you handle joint accounts during a divorce that will best affect your credit score? [08:14] Bill explains situations where an angry divorcee takes advantage of their x-spouse’s credit account. [14:15] How can you protect yourself from identity fraud that affects your credit? [21:23] Bill describes the process of negotiating debt during a divorce. [24:38] How to handle putting your child on a joint credit card account as an authorized card user. [28:01] Bill shares how to start over credit-wise after a divorce or just going out on your own. ------------------------------ QUOTES 2:03 “If you have an account with the creditor, whether it be one of the big banks or one of the big box stores, you're held by your contract.” 10:02 “Typically with the creditors, you do want to talk to the Indian call centers or the foreign call centers because they're easier to speak with, they're easier to deal with, they're more believing in your story.” 16:46 “The benefits of having the seven-year fraud alert far outweigh the cons.” 20:33 “A lot of times you'll see somebody coming back and saying, I'm going to fix the spouse's credit just for the mere purpose of being able to let them move on in life.” 29:57 “Bank of America is going to sit there and say, Hey Susan, we'll open a security account free. We'll move a thousand dollars to this account. What they didn't tell you is this that it's going to take six months to a year before that account reports anything.” ------------------------------ RESOURCES Bill Lewis: (772) 324-6400 William E. Lewis Jr. and Associates: https://thecreditreportwithbilllewis.wordpress.com/ Equifax: (800) 525-6285 Experian: (888) 397-3742 TransUnion: (800) 813-5604 https://www.thechesnuttlawfirm.com/ https://www.thechesnuttlawfirm.com/divorce/