How do I avoid my son's debts affecting my credit rating?

holywood

Hi
I'm a newbie, so apologies if the answer to this question is "common knowledge".

My son has been living with us for a while. Although he has now moved out he still has our address registered with banks and others to whom he owes money. He's also given them our phone number.

I'm anxious that his bad debts should not affect our ability to obtain credit now or in the future. I seem to recall hearing years ago that there are steps that can be taken with the major credit rating firms to take care of this problem. However, I can find no reference to it on Equifax web site and of course they don't even give an e-mail address or a phone number for personal enquiries.

Can anyone help, please?

John

missylou_2

Hi

I have spent most of yesterday evening researching how other people's debts impact on individuals connected to them.

Apparently if you do not have any shared financial accounts you will remain mutually exclusive when credit searches are carried out. However it would appear that even a council tax bill naming both parties would be seen as a financial link? If you are still concerned however you can write a letter of financial dissociation to each of the credit reference agencies.

I am not entirely sure how accurate this information is, but other more knowledgeable posters will be along soon with more information.

CLAPTON

Credit records are related to people and not addresses.
However if you have any financial links to your son then his record will adversely affect yours.
First thing to do is to get copies of your credit records from all three agencies and see what they say. Once you have done that come back and tell us what they say.

Crown

CLAPTON wrote: »

Credit records are related to people and not addresses.
However if you have any financial links to your son then his record will adversely affect yours.
First thing to do is to get copies of your credit records from all three agencies and see what they say. Once you have done that come back and tell us what they say.

Totally Agree with Clapton on this. Its unlikely that just as he lives at te address it will affect your credit. It would be worth soending the £2 on each file if you are that concerened about it. Of course you can use Martins loophole to obtain them all for free from the article on the main site.

Let us know how you get on