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Can your Credit Score and Credit Reputation be recoverable Damages in a Divorce?

What can a Credit Damages Expert bring to a divorce case?

Having the ability to quantify and put a dollar value on the impact to someone’s credit is essential.  Being able to explain the methodologies and calculations in terms that would be easily understood is key.

Here’s an example: If due to your ex-spouse harming your credit profile you are subjected to a new mortgage payment on a 30 year fixed rate mortgage being $50 a month higher due to your credit score being lower. That adds up to $600 extra per year and if paid until the end of the 30 years that would total $600 a year x 30 years = $18,000.

How much money can be recovered in an average case?

Being that every case is different and the socio-economics of the individuals involved varies, a range of $30,000 on the low end up to over a million dollars is not out of the question. The question becomes, what is important to the parties involved and do they want to pursue it. Most want to pursue it in my experience, they want to recover their good credit rating. Think about it this way, in our society today how important is a credit score to you? To most that I speak with it’s close to the top of their list on financial importance.

Who, How and When should you go about engaging the help of a Credit Expert?

I have been retained by both the law office and/or attorney as well as the spouse.  It is a choice to be made by all involved. In the beginning an evaluation of the suspected impact can be reviewed by looking over any credit reports along with some supporting documentation, such as tax returns, paystubs, bank statements, divorce decree and settlement agreement. This should be done early on in the process, with the hope and possibility to minimize the damage.

Doug Minor, Is a Credit Scoring, Credit Reporting, Personal Finance and Mortgage Expert.  He has served as a FCRA Credit Reporting, Credit Scoring, Mortgage and Damages expert witness in over 125 cases in both Federal and State Courts across the U.S.

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