Divorcees should check credit rating
Published On 1 November 2006
New research indicates that divorced couples need to be increasingly aware of the dangers of a bad credit rating.A study by CreditExpert has found that 17 per cent of Brits ask their partners about their credit history before entering in to a joint account, while this figure rises to 25.8 per cent for co-habiting couples.
However, such matters can sometimes be overlooked when couples go through a divorce, meaning joint credit cards, mortgages and loans with bad credit ratings could come back to bite you.
The firm says that it is vital to break all financial associations with your ex partner and that this can be done easily by contacting the various financial institutions involved and going through the necessary paperwork.
"Divorce and break ups are a harrowing process but the situation can be made worse if you find your credit rating being affected by your ex-partner’s financial status," remarked Jim Hodgkins, managing director of CreditExpert.
"One of the first things to do when you split up is separate yourself financially from your former partner."
Around 1.3 per cent of the married population divorced last year, according to official figures.
