“Safeguarding Your Credit from an Ex: A Comprehensive Guide”

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Protecting Your Credit During a Divorce or Breakup

The heightened emotions of a divorce or the end of a relationship can lead to one party damaging the other’s credit out of spite, self-indulgence, or neglect. If you’re ending a partnership, take these steps to help protect your credit from an ex.

1. Consider a Fraud Alert or Credit Freeze

If you worry your ex might apply for credit in your name using your Social Security number and other personal info, you have the right to place a fraud alert or credit freeze on your credit reports at the national credit bureaus (Experian, TransUnion, and Equifax). A fraud alert requires lenders to verify your identity before processing any credit application they receive in your name. A credit freeze effectively blocks new credit applications from being processed. You must contact each credit bureau separately to freeze your credit report there.

2. Seek Legal Guidance

The dissolution of a marriage or domestic union is a legal procedure, and it’s wise to seek the advice of an attorney before pursuing it. This is especially true when there are issues of child custody or extensive joint assets and debts. Even if your situation is relatively simple, a seasoned lawyer can help you anticipate and address potential sticking points and protect your interests in the process.

3. Remove Your Ex as an Authorized User

If you’re the primary owner of a credit card account and made your partner an authorized user, you are legally responsible for repaying all charges made on that account. To prevent your ex from running up charges, it’s important to remove your former partner as an authorized user. You don’t need their permission to do this, and doing so will immediately invalidate their card.

4. Change Account Numbers

If you retain any credit cards in your own name, including those for which your former significant other was an authorized user, you can probably assume your ex has access to the card numbers and CVV security codes. Having those cards replaced will assign them new numbers so your ex won’t have the opportunity to use them for purchases online or by phone. If your ex had access to your checking account number, it might be wise to change that as well, which typically requires closing the account and opening a new one.

5. Change Passwords and PINs

It’s common for couples to share passwords to online banking sites and the portals and apps used to pay bills and manage credit and utility accounts. If you retain any of those accounts after you’ve dissolved your relationship, be sure to change passwords and PINs. Change the device passwords on your computers, tablets, and phones as well to protect general privacy and to prevent access to passwords and other credentials that may be stored on them.

6. Close Joint Accounts

Divorce cannot sever the contracts that govern joint loans and credit accounts, so as long as those accounts remain open, an ex-spouse might stop payments or max out balances. It’s best to work with counsel to try to disentangle joint accounts as part of the division of marital assets. The more cleanly and amicably this is accomplished, the better off all parties will be in the long run.

7. Maintain Payments on Joint Debt

If circumstances make it impossible to extricate yourself from jointly held debt, it’s critical to monitor the payments on that debt to ensure they stay current. Even if the court makes your ex responsible for those payments, it’s still prudent to ensure they are kept up, because any late or missed payments will appear on your credit reports as well as your ex’s. If there is any lapse in payment because of your ex’s inaction, consult your legal advisor about your options.

8. Strive for Civility

“Amicable split” is an admirable goal, but relationships rarely end without at least a trace of rancor or resentment. Do your best to avoid antagonizing your ex and to keep communications open. Focus on practical and financial concerns to help keep matters businesslike and avoid spite and recrimination.

9. Monitor Your Credit

Along with identity thieves, fraudsters, and other scammers, an ex can be a threat to your credit that can be identified early and addressed quickly with the help of automated credit monitoring. For example, Experian’s free credit monitoring alerts you to activity on your credit report, including new credit applications and missed payments, so you can respond quickly to unauthorized use of your credit.

The Bottom Line

Even the most mutually agreeable breakups can stir up anger and may prompt callous or vindictive behavior, including actions that can damage one or both individuals’ credit scores. You can minimize the risk of this by taking steps to separate your debts as cleanly as possible and keeping close watch on any obligations that remain held jointly. Getting your free credit report and score from Experian can help you see where you stand and detect attacks on your credit from all sources, including a disgruntled ex.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to help you navigate through these challenging times with expert advice and support.

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