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CFEPro789, Finance Enthusiast
Category: Finance
Satisfied Customers: 543
Experience:  MS in Accounting. BBA in Finance and Economics. Member MENSA.
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I'm recently divorced from an unscrupulous spouse, of whose

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I'm recently divorced from an unscrupulous spouse, of whose activities I was not aware. The divorce was in a comm prop state, thus post-divorce I share his debts, which has been disastrous to my credit. A loan was listed on the decree I thought was his, however, just after the divorce I was conamed with him in a civil suit for defaulting on that loan, and learned he had forged my name to it using a POA he created. I fought the suit and it has been dismissed against me, but my credit has suffered tremendously. I must contact the credit agencies to begin work to recover my credit. Is there a best way to cover this matter with them, or other steps I must also take to rebuild my credit due to matters related to the divorce and the associated additional debt load?
Submitted: 11 months ago.
Category: Finance
Expert:  CFEPro789 replied 11 months ago.

Hi my name is ***** ***** I will be helping you today with your tax question.

Expert:  CFEPro789 replied 11 months ago.

Finance question, sorry.

Expert:  CFEPro789 replied 11 months ago.

You simply need to contact each credit agency and dispute the issue in regards ***** ***** one loan. Provide a copy of the paperwork that you received from the loan showing that they dismissed your liability and that your name was forged. They will then take that off of your credit report because it was fraudulently on there in the first place.

Expert:  CFEPro789 replied 11 months ago.

Here is guidance from the US Government on how to do that:

Expert:  CFEPro789 replied 11 months ago.

That is for that one fraudulent account. For everything else that is on there that you were a party to the bad account, even if it was not your fault, the only way to fix that is with time. Any company that markets itself online saying they can help you quickly repair your credit is a scam, and you should not hire any of them. One thing that you can do is contact each bank/loan company and ask them if they are willing to remove the late charges/unpaid accounts from your credit reports and explain your situation. Sometimes they will agree depending on the circumstances. The next thing that you should do is try to get a credit card in your name and make sure going forward all of your payments are on time, never be late. The longer you go with a good history of ontime payments, the better your credit will become. Bad items on your credit report take 7 years to remove, so the best thing is time unfortunately. However a variety of responsible credit usage also goes a long way. Try to get a credit card, home loan, car loan, personal loan, etc. The more various types of credit that you use responsibly, the better. Also try to keep your total credit usage on credit card accounts to about 20% of your allowable credit. For example if you have a $10,000 limit on one card, never carry a balance month to month that is over $2,000, this way you show the bank you are not overusing your credit.

Expert:  CFEPro789 replied 11 months ago.

You don't have to have numerous types of credit such as card, personal loans, car loans, and mortgage, but the more categories you can hit the better. If you are not in the market for a car or home, you can take a small personal loan from your local community bank for $500 even, and pay it off over 6 months. It'll cost you a bit in interest on the loan, but will go a long way showing you can responsibly pay off your accounts.

Finally a website like allows you to monitor your credit for free on a continuous basis. They will alert you to any changes in your credit, will give suggestions on how to improve your credit, and alert you if anyone attempts to fraudulently use your name again to open an account.

I am sorry you are in this situation, but going forward you will no longer be tied to your spouse, and try to stay positive, follow all of these steps, and every month you will start to see your credit improve.

Customer: replied 11 months ago.
Thank you for the comments re those who claim to be able to repair credit, have avoided that but wished for verification on that point. My credit was outstanding until kicking this individual out, but due to other of his actions, including non-compliance w/divorce decree and spousal maintenance (I'm disabled and have been unable to work for some time) my options for over a year were be on the street or use credit cards. I use no cards now, but those balances are high and paying them off will take some time. I'm required by divorce decree to get a home equity loan to pay the ex the small amount of equity due him from the home, awarded to me--must do what I can with credit repair and hope for the best with that loan.
Expert:  CFEPro789 replied 11 months ago.

You are very welcome. Happy to have helped!