Information to help you deal with your CRF's

Moderators: TalbotWoods, JaneClack

By Toria64
#210987 I currently have debts in my name and have been in a repayment plan for nearly 2 years. All the debts are solely in my name. My husband tried to get a loan today and he was told there is an annomaly against him and that he needs to get a report via Exquifax. He has never missed a payment in his life. If all the debts are in my name will they be effecting my husband's credit because we live at the same address. Your help would be greatly appreciated. Toria
By notout
#211006 I;m new to all this, and discussing a DMP with PayPlan, and asked the same question to their adviser, and was told that if all the debts are mine, and I dont have any joint accounts then my partner should not be affected.

In your case, as youre married, I have a feeling he is affected. maybe they do extra checks and they are more careful - if you go mad spending money you dont have, he will have to spend more to pay the household bills and that affects his ability to pay his debts. It shouldn't be fatal to his credit rating though (I dont think but bare in mind my inexperience that means I may be completely wrong!)

if anything maybe my reply will prompt someone who knows something different to point out my errors!
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By TalbotWoods
#211024 Since November 2005, CRFs are based on the indiviudal with not linking between them, excpet:

:arrow: When there are joint finacial matters, such as a joint bank account

:arrow: When there is a joint Mortgage

:arrow: When a Power of Attorney in place

:arrow: Etc

If these do not exist, then there should by law be no linking, so it is very possible that in a partnership, one has a bankruptcy, the other is 100% credit worthy.

But alos be aware that some creditors are using the CRFs as an excuse not to lend or provide services.

By notout
#211050 as I said, I asked the same question to my PP adviser, and her reply was pretty much the same as talbots. years ago, anyone in a house with someone with a bad credit record could be affected but nowadays she told me, a check only reveals stuff about that person becasue of the data protection act. Its not supposed to show anything about anyone else. Maybe you have a joint account or something so that your finances are linked?
By Toria64
#211088 Well my husband did a credit check on himself today and everything is clear. He phoned his bank and what they said is that Equifax send them a MONTHLY report and they flag there is an anomally, of course because of me but they don't know that. We do have a joint mortgage and that is all. I feel really bad about this as I don't want my husband to suffer because of my mistakes. Do you think if I do a disassociation will that stop for him? Thank you as always from Toria
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By JaneClack
#211089 Your husband can put an amendment on his credit file explaining that the only financial link between you is the joint mortgage!
By sans
Toria64 wrote:Why can't we do a Disassociation

To disassociate yourselves then one of you would have to come off the joint mortgage. As it stands you are both liable if one of you were to default.

Your husband could put a NOC (notice of correction) which means that should he apply for credit in the future, instead of the computer making the decision, it will refer to a human to look at it on every occassion. and then make a decision.

See Tims link on Disassociation, viewtopic.php?t=18921