According to the National Coalition Against Domestic Violence (NCADV), almost 100 percent of all domestic abuse victims have experienced some form of economic abuse. Economic abuse is a form of emotional abuse and domestic violence since its goal is to cause harm to the victim and exert control.
How Your Exes Economic Abuse Can Result in Running up Debt in Your Name and Ruin Your Credit Report
A recent article in the Berkeley Economic Review analyzed the types of economic abuse and the techniques used by the perpetrators. Most all are designed to make the victim’s life difficult. For example, if you are still living with your abusing spouse, he or she may not allow you access to any funds or bank accounts. All expenditures must be done by your abuser. You may not even be allowed to go to the grocery store and buy groceries without your spouse tagging along with you and paying the bill.
When your ex runs up debt in your name by stealing your identityOne type of economic abuse is when your spouse, ex-spouse, partner, or ex-partner uses your identity to run up debt. You may discover that the abuser has, without your knowledge, used your name to obtain credit or debit cards.
Then, the abuser does not pay the debt and your credit rating is ruined. You do not learn of this until you apply for a loan, try to rent a house or apartment, or even are unable to get a job.
You may discover that a home or car you believe you owned together with your ex has been refinanced in only your name. Although you do not have possession of either item, you are now saddled with the debt./p>
Coerced debt. Coerced debt is when your spouse or partner forces you to sign loan documents and other credit-related transactions in your name but against your will. You may be coerced into obtaining loans, such as refinancing a home or car loan. And again, the debt is never paid. You credit rating is destroyed and it is difficult for you to leave the abusive relationship.
How to Overcome the Effects of Your Exes Economic Abuse
You need to obtain a copy of your credit report from all three major credit bureaus. Carefully review all information and report any debt that you claim was coerced and any debt that appears to have been obtained by the theft of your identity. Under the Fair and Accurate Credit Transactions Act (FACTA), you are entitled to obtain a free copy of your credit report once a year.
When to Call A Credit Repair Attorney for Help
For answers to your questions about your remedies, including repairing your credit when it has been damaged by your spouse or partner who has used your identity or coerced you to plunge you into the debut, contact me, Mike Cardoza founder of the Cardoza Law Corporation. I am a former senior executive of a debt-buying company, a debt collection agency, and a major regional high-volume debt collection law firm.
I know how debt collection agencies work and use that knowledge and experience to help people who need to prove the debt incurred in their name does not belong to them. Contact me online or by phone. In Northern California, call (415) 802-2799. In Southern California dial (213) 474-3338. I offer a free and confidential case evaluation.