San Diego, CA. Most questions about
credit problems involve individuals whose credit rating was damaged by a
former spouse after a divorce or separation agreement reports the nonprofit
Institute of Consumer Financial Education (ICFE), a San Diego based group,
helping consumers become better spenders, better savers and wiser users of
credit in addition to helping them avoid credit repair scams.
"In most instances, these individuals allowed their former spouse to 'take
over' responsibility for payment of jointly held debts as a part of the
separation or divorce agreement - which is a mistake, because it may come
back and haunt you until the debts or mortgage are paid in full. It may also
preclude you from getting credit on your own for years after the divorce,"
says ICFE executive director, Paul S. Richard.
"The reason is creditors are not a part of the divorce agreement and in most
instances probably would not approve of the arrangement anyway. The only way
to protect your good rating and avoid any future damage by a former spouse
is to insist that all debts mutually held by the couple before the divorce
be either paid in full and or separately refinanced by the individual who is
to assume the debt," Richard explained.
"Further, any jointly held credit cards should be cut up and returned to the
issuers with instructions that the account be closed. Either party in the
divorce who desires a credit card should make a new application for credit
based on their own individual credit standing.
For consumers desiring additional help, the ICFE publishes the "Do-It-Yourself
Credit File Correction Guide" in
Spanish. Included in the Guide are step-by-step instructions
on the credit repair process, an explanation of consumer credit rights, and
sample letters to use when communicating with the various credit reporting
agencies about credit file questions and mistakes.
The "Do-It-Yourself Credit File Correction Guide," in both
English and Spanish, is available for $10 each plus $2 postage. The Los
Angeles Times Book Review calls the ICFE Guides "user friendly."
Send $12 to: ICFE U.S.
PO Box 34070
San Diego, CA 92163-4070.
Or please call 619-239-1401 or visit the ICFE's Web site at:
www.financial-education-icfe.org and order securely on line.
($2 postage is for book rate mail, add $2 extra ($4 total postage/handling
for 1st Class Mail or Priority Mail).
About the ICFE:
The Institute of Consumer Financial Education (ICFE),
founded in 1982 by the late Loren Dunton - creator of the "certified
financial planner” (CFP) designation - is dedicated to helping consumers
of all ages to improve their spending, increase savings and use credit
more wisely. The years between 1984 and 2000, the ICFE was also known as
the National Center for Financial Education (NCFE).
The ICFE is a nonprofit consumer education organization that has helped millions of people through its education programs and Resources. Over
one million "Credit
/ Debit Card Warning
Labels” and "Credit
/ Debit Card Sleeves” are in circulation world wide.
The ICFE's on-line help for consumers who spend too much
was featured in PARADE Magazine (June 9th, 2002) in the Intelligence
Report section. The money helps and tips are from the "Money
Instruction Book," a course in personal finance, which was completely
revised and updated in 2002 and is positioned to become among the premier
programs in the new bankruptcy and debtor education initiatives.
The ICFE's "Do-It-Yourself Credit File Correction
Guide," now in its Twelfth Printing, is in use by thousands of consumer credit and debt
counselors in addition to tens of thousands of consumers. It received a
"buy” rating in July, August and November from nationally syndicated
financial columnist, Humberto Cruz in his column, "The Savings Game".
BottomLine Personal newsletter gave the Guide a "Send For” rating in
September 2001. The ICFE and our do-it-yourself approach to credit file
correction was featured on NBC Nightly News on 04-30-02. The Spanish
edition of the Guide premiered in January 2002. Syndicated columnist,
Robert Heady also gave the ICFE Guide a "buy” rating.
The ICFE Web site at: www.financial-education-icfe.org helps consumers with
mending spending, learn about the
proper use of credit, budget and expense guidelines, how to set up and implement a
spending-plan and also access financial education courses and videos and how to
teach children about money. Other ICFE services include a
free eNews, and an
on-line resource center of financial education
learning tools, including videos, books and personal finance courses.
Consumers may learn more on the Internet about the "Do-It-Yourself
Credit File Correction Guide" here, or fill out our request
form, indicating your areas of interest.
For more information contact Paul S. Richard ICFE Executive Director at 619-239-1401.