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What Military Service Members Should Know About Their Credit

When you’re in the military, financial concerns may understandably take a backseat, especially when you’re on active duty. However, poor credit can have a big impact on your life both during and after your service. Credit issues can also affect your ability to get or maintain security clearances.

You have financial rights under the Servicemembers Civil Relief Act, such as the right to suspend certain loan payments. You can take control of your credit by taking advantage of these rights.

Turn to our lawyers at Madgett Law in Minneapolis for help. Our founding attorney, Dave Madgett, is a former judge advocate general in the United States Air Force. As a Minnesota public benefit corporation, we are committed to protecting the financial rights of military service members and veterans. Our team can provide effective strategies for you to protect your credit and maximize your financial opportunities on the best possible terms.

Steps You Can Take To Protect Your Credit

When you’re on active duty, it can be difficult to stay on top of debts and other financial pressures. You can proactively protect your credit by:

  • Asking for a hold on your payment obligations while you’re on active duty and up for a year afterward
  • Notifying your credit card companies and financial institutions of your service
  • Monitoring your credit report for errors or identity theft
  • Appointing someone trustworthy to manage your finances through a power of attorney while you’re overseas
  • Pursuing credit services for military members

At any stage of your military career, you can also look for loans that offer favorable terms for servicemembers, such as Veterans Affairs loans.

Get Guidance On Your Financial Options As A Military Member Or Veteran

When it comes to your credit and finances, knowledge is power. Our lawyers can empower you to fix credit issues, stand up to debt collectors who violate the law, and take steps to build and maintain healthy credit. We also offer guidance on debt relief and other credit-related resources for veterans.

Learn more about how we can help by reaching out to us online or calling 612-470-6529. We offer free initial consultations.