Securing you credit score

Why You Should Consider Freezing Your Credit During Divorce

Divorce can be a tumultuous time, not just emotionally but also financially. One critical step that individuals should consider during this process is freezing their credit. Here’s why this measure could prove beneficial.

Protecting Against Identity Theft

During a divorce, financial circumstances and information can become contested. In some cases, one spouse may attempt to open new accounts or take out loans without the other’s knowledge. By freezing your credit, you prevent unauthorized access to your credit file, significantly reducing the risk of identity theft. This protection can offer peace of mind during a period filled with uncertainty.

Safeguarding Your Financial Future

Credit freezes can act as a safeguard for your financial future. This is especially important if you suspect that your spouse may attempt to incur debt in your name. A credit freeze prevents lenders from accessing your credit report, which means new accounts cannot be opened without your explicit permission. This control can help you maintain your financial integrity amidst the chaos of divorce.

Easy to Lift When Needed

One common misconception about credit freezes is that they are permanent. In reality, a credit freeze can be easily lifted whenever you need to apply for credit, such as during the home-buying process or when obtaining a new credit card. You can temporarily lift the freeze for a specific lender or for a short duration, giving you flexibility while still protecting your information.

Establishing Independence

Freezing your credit can also serve as an important step towards establishing financial independence after a divorce. It empowers you to take control of your own financial situation, allowing you to start fresh without the looming threat of your spouse’s actions affecting your credit history.

How to Freeze Your Credit

To freeze your credit, you’ll need to contact each of the three major credit bureaus: Experian, TransUnion, and Equifax. You’ll need to provide personal information, including your Social Security number, date of birth, and address. Once the freeze is in place, you will receive a unique PIN or password, which you should keep safe as you will need it to lift the freeze later.