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Credit Reports Used in Court

2013/05/22 by

The tagline of this story reads, “Just when you thought you knew every way your credit report could be used against you.” It goes on to tell the tale of a domestic relations trial between a divorced couple, where the ex-wife’s credit report was used against her in court to discount her claim that she had no access to available credit. Oops. Be careful when you make a claim about your finances, because even though many credit reports have minor inaccuracies in them, they are pretty darn good at offering a peek into somebody’s financial background. And that “back”ground might not be in the very distant past–one’s credit report includes all current credit lines and loans, offering a very accurate picture of where a consumer stands presently. Adam Levin of Forbes reported,

“Whether we are talking about mortgage loans, credit cards, auto or student loans, most people know that credit reports play an important role in our lives. And they, like you, understand that having poor credit can impede our efforts to gain financing at competitive rates and terms.

However, as was recently pointed out by my friend John Ulzheimer who used to work at FICO, Equifax and and who often serves as a credit expert witness in court, our nation’s lawyers have found a new use for credit report data–divorce proceedings and alimony consideration.”

Click here to find out just exactly how a divorcee’s credit report was used against her in court.

Long story short: don’t say anything that your credit report can’t back up–and adversely, don’t lie about anything that your credit report can disprove! Oh, and keep your credit reports and scores in top condition, for you never know when you’re going to need to use them.

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