Will by debt affect my parents credit?

foxy2403

Hi,

I have just defaulted on a credit card account which is registered at my parents address. I know the default will stay on my credit report for six years.

Does this mean it will stay on my parents address for six years also? i.e. if my mother tried to apply for a new credit card is she more likely to be rejected because of my poor credit history?

It is just that I have heard stories of people getting refused credit because of the poor credit history on that address even though it was not there personal debt.

Thanks for any advice.

RAS

have you missed a payment or had a default letter from a creditor?

Which ever it affects your credit rating, and not your parents.

Tixy

Assuming you are not financially associated with your parents then it will have no impact at all on their credit file.

If you had a joint loan/credit card/overdraft/mortgage with anyone then you would be financially associated and this could affect their credit rating.

foxy2403

I have been living out of the country for a while and recently I have not been able to keep up with payments. I have missed 3 payments in a row but I called them today to try and sort out a payment but they told me that the account had been defaulted and sent to a 3rd party debt collection agency. I nearly died when they told me this. Although I am now in a position to start paying back the debt. My main concern was my parents having any problems in the future.

Thanks for your reply.

*edit* My parents have no financial association with any of my accounts.

FactoringCompany

It only affects those parties named on the account so your parents will not be affected unless you credit card is linked to either of their's.