'Previous Searches' v 'Financial Associate Searches'/Experian?

bob_dob

Hi,
My partner and I hope to be applying for a mortgage soon so i have got my credit report from Experian. I have 3 entries under 'Previous searches' but 7 under 'Financial Associate Searches' where my partner has applied for credit.

Only one search under the 'Previous Searches' is recent (January this year) and 4 of the 7 under 'Financial Associate Searches' are in October last year (three by AA Insurance Services and one by Royal & Sun alliance).

My two questions are:
1. Which is worse for my credit file, searches on me under 'Previous Searches' or searches by my partner that appear in my name under 'Financial Associate Searches'?
2. If I am due to apply for a mortgage within the next month or so, is the search made in January going to have any negative effect against me?

Thank you in advance.

bob_dob

Hi, can anyone help please?

kingstreet

You need to differentiate between what you can see and what a potential lender can see.

AFAIK associate searches aren't visible.

Searches for insurance quotations conducted for identity verification are not visible.

If you applly for a joint mortgage, the mortgage lender will see your searches for credit in the last twelve months and those of any joint applicant.

Unless you've had five or six actual credit searches in the last few months, you should not be affected.

Do not pay for "credit scores" provided by CRAs. They are not value for money.

Tjrw1985

Sorry to jump on the end of a thread.

My partner and I have been linked due to a money laundering check when we opened a savings account.

Will the lender be able to see this? The account is not on the credit report.

kingstreet

Is there an entry under "financial associations" on your credit file?

It's section "L" on an Experian version.

If there is;-

"When you apply for credit a lender may take into account financial information about people you are financially connected to"

printed at the top of the page may apply.

Although an application for a joint savings account is not an application for credit, a routine identity check would be likely and this could cause an association to be created.

I suggest you speak to the CRAs to resolve this.

Experian_company_representative

Financial associate searches do not affect credit scoring.

Any credit report link (financial association) is likely to enable future lenders to see both reports when one person applies for credit and they carry out a credit check.

James Jones