Credit report help

calljmac

Good afternoon first of all I would like to say this is a great Website.
Hopefully this will be a quick query. Last week I went to a local garage to trade in my old car and apply for a new car with finance. Everything was going ok until I got a call from the salesman in the afternoon saying that I had been refused the finance. I was shocked as this was the first time it has happened to me. I went online and got a copy of my credit report from Equifax had a look at it then it dawned on me why I had been refused. I split up with my wife 2 years ago and it was agreed she could keep the car that was financed in my name as long as she paid for it. (I know big mistake!!) Even bigger mistake was I forgot to inform the Finance company that I had moved house and did not realise that she had missed 5 payments in a row!! As soon as I found this out I immediately took the car off her and paid the finance company in full for all arrears. Obviously now it shows up on my credit file as a Default Payment, is there anything that be done about this? I have an Equifax score of 290, nobody will touch me.
Another this I know my ex has a very very poor credit rating but she is still associated with mine, will that bring my score down also?

Many thanks

Rafter

If the finance was in your name, there is not a lot you can do about it.

If you are now split and have no joint finances I believe you can write to equifax and ask to be disassociated from her.

You are then going to have to start rebuilding your credit file, but it might be a while (3 years +) before you can get credit on normal terms again.

You might have some luck getting a loan from your own bank who might realise the default is 'out of character' and base their decision on your record with them.

Good luck

R.