Page 14 - Book7E

6
Reading Your Credit Report
During marriage, both spouses are responsible for joint accounts, and they should appear on the credit report of the husband, as well as the wife. After a divorce, both spouses remain responsible to pay for joint accounts. It is up to you to ensure that joint accounts are closed.
After making your post-divorce changes, order a personal credit report to verify that the accounts are listed the way you want them.
Reading Your Credit Report can be Confusing
It’s no secret that understanding the ins and outs of your credit report can be a bit confusing, especially if you’re reading it for the first time. There are lots of numbers, abbreviations, and terms you’ve probably never seen before. Family Financial Education Foundation (FFEF) realizes how important it is for you to stay on top of your credit report. The information contained in this booklet is designed to help you become more comfortable with credit reports, more knowledgeable about steps you can take to dispute wrong information appearing in your report, and what can be done to improve your credit should that be necessary.
The Law Is on Your Side
Under the Fair Credit Reporting Act (FCRA), creditors, such as credit card companies, auto finance companies, mortgage banking institu- tions, etc., may only report to a consumer’s credit report under the following guidelines:
1. They must provide complete and accurate information to the credit rating agencies.
2. They have a duty to investigate disputed information from consumers.
3. They must inform consumers about negative information that has been or is about to be placed on a consumer’s credit report within 30 days.