Credit reports are an often-underutilized tool in family law cases, yet there are a few compelling reasons to make them a part of the process — especially early on during discovery.

Credit reports contain all sorts of nuggets that can be useful as a way to uncover hidden debts, marital versus separate debt, violations of Court-ordered payments, and an individual’s creditworthiness for evaluating the reliability of receivables.

A credit report generally contains:

● Revolving credit accounts, such as credit cards

● Installment loans, such as mortgages and auto loans

● The dates they were opened

● Balances

● Payment history

● Status (current or past due)

● Credit limits

● Bankruptcies

● Medical debts (that have gone to collections)

● Unpaid child or spousal support (if defaulted)

● Collection accounts

It’s not uncommon for one spouse to obtain credit in another spouse’s name without them knowing unless they regularly monitor their credit reports.

It is important for individuals to check and monitor their credit reports during the divorce process. They should monitor it with all three national credit bureaus — Experian, Equifax, and TransUnion — because not all creditors report to all three bureaus. Here’s how:

● An individual can attain a free copy of their credit report from each of the three credit bureaus every 12 months at AnnualCreditReport.com

● Create a free Equifax account to get six free credit reports every year

● Receive a free credit report from Experian by creating a free account

● And an individual can request free TransUnion credit reports, too

It’s important to be proactive and periodically check your credit report for both the state of your financial health, and to ensure no one is illegally accessing it without your permission, is a powerful tool to use early on in the divorce process.

If you or someone that you know has real estate questions or wishes to discuss how Ms. Lindstrom can help, please contact call or text at 612-616-9714. Visit www.ShannonLindstromRealtor.com today.

Shannon Lindstrom, Realtor®, CDRE®, CREDS, CRS, GREEN, MILRES, MRP, VCA
RE/MAX Results
7373 Kirkwood Court No, Ste. 300
Maple Grove, MN 55369
Direct: 612-616-9714
Lindstrom_S@msn.com
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