Law made easy
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Trusts and estate planning
Martin Shenkman


Checking Your Credit History


Credit is so important these days, but people do not pay much attention to it. Bad credit often sneaks up on you when you are applying for a big loan. This is a huge issue. People always focus on what assets they own, and forget about the debt and credit issues.

1. Get a credit report. Everyone is entitled to one free credit report per year from each of the three major credit companies. Check your debt online every 4 months. If you find a mistake, email them the errors, and follow up with a certified letter. Save the letter in your files for proof.
2. Be wary if divorced. Divorce agreements often state which ex-spouse is to pay which credit card debt, mortgages, and other loans. If your ex defers the payment, it may show up on your credit report if your name was not taken off the line of credit. You can still be held responsible. If you sense a divorce coming get a car and credit cards before the divorce, because in terms of credit, it may be more difficult afterwards.

The above is a summary of a radio show on MMFN Money Matters Financial Network, on June 30, 2008 with host Gary Goldberg, of Gary Goldberg Planning Services, Inc. in Montebello, New York, and his guest Martin M. Shenkman, Esq. an estate planner in Paramus, New Jersey. Listen to the audio clip of this segment on www.laweasy.com.

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