How long are you financially associated with someone?

cmorrison6

Hi first time poster, sorry if this is in the wrong section.

When getting my first car I had to have a guarantor. My mother agreed. However since then my mother has separated from my dad and got into a financial mess. Her credit rating is now extremely bad.
My car finance was paid off in June 2011.
I recently upgraded my bank account and this allows me access to my credit report. It shows that I am financially associated with my mother.
My question is, how long will this be the case. I am hoping to get a mortgage next year and am worried that this will be detrimental to my credit rating.
Any advice would be great.

caeler

You are linked until you sever it. This does not mean closing accounts or ending agreements. Get a statutory credit report from Equifax and that will tell you your financial associates, you can then apply to get them removed - assuming they have indeed ended.

YorkshireBoy

You need to file a 'notice of disassociation' with all 3 credit reference agencies (CRAs).

You could try a two-prong attack by also writing to the lender who has 'confirmed' the association with the CRAs.

cmorrison6

caeler wrote: »

You are linked until you sever it. This does not mean closing accounts or ending agreements. Get a statutory credit report from Equifax and that will tell you your financial associates, you can then apply to get them removed - assuming they have indeed ended.

The report that I get through my bank is powered by experian. Which shows that I am financially associated with my mother. The strange thing is, I also had my motorbike on finance, this time my uncle was my guarentor. This ended in may 2010. But it doesn't show him as being financially associated with me.
Will me being financially associated with her, be affecting my credit rating?

cmorrison6

YorkshireBoy wrote: »

You need to file a 'notice of disassociation' with all 3 credit reference agencies (CRAs).

You could try a two-prong attack by also writing to the lender who has 'confirmed' the association with the CRAs.

Is there a standard template of sorts, that is used for this sort of thing?

YorkshireBoy

cmorrison6 wrote: »

Is there a standard template of sorts, that is used for this sort of thing?

Yes, you simply complete a form. Details on the Experian, Equifax, and CallCredit websites.

cmorrison6

I take it that I have to open an account with all 3 in order to gain the report and get a reference number that they all ask for? I've managed to do the one with experian as that's who my current bank account file uses?

cmorrison6

I have opened two accounts with the other 2. Equifax has no financial associates for me and call credit has only my uncle. Does anyone know why all 3 have different information?

telboyo

You don't need to open an account with each CRA, just ask them for a "Statutory" report this will cost only cost you £2 each. The reason for the differing info on each report is that different lenders share their info with differing CRAs, nothing sinister or improper about it.