Financial Associates on Credit Report - Good or Bad?

Caramac61

I have just accessed my credit report with Experian and noticed that my daughter is not shown as a financial associate but the joint mortgage I have with her is listed.

My question is whether that is a good thing or bad in view of the following situation.

A few years ago my daughter asked me to help her to get a bigger house by getting a joint mortgage with her. She did not want her fiance on the mortgage, she only worked part time and she had a bad credit history. I already had my own mortgage and I had never missed a payment on that or any other loans, etc. The agreement was that I was only on in name only and she would pay the mortgage (I know I am also responsible for the arrears)

About 5 years ago there was a breakdown in the relationship and 18 months ago she stopped paying the mortgage. As she already owed my a considerable amount of money for a loan I took out for her in my name which she failed to repay (£10,000). The mortgage account got into arrears.

The arrears have now been consolidated and for the past six months the mortgage payments have been made on time and in full.

I now wish to downsize and transfer my mortgage to another property but not increase the amount borrowed.

The credit report shows loans I have taken out with my son, who lives with me, but it does not make any reference whatsoever to my daughter. Without her information would lenders presume that the mortgage is solely in my name? Is it good or bad that she is not shown as being financially connected to me?

Many thanks.

Thrugelmir

Perhaps the lender reports to another CRA or as yet you are not connected to the address of the property where the mortgage is. You will need to declare the other mortgage as a commitment this will in turn update your credit record. Making the other history visible.

Caramac61

Thanks for replying. The details of the mortgage with my daughter as well as my own mortgage are shown and the credit report does specifically link me to the other address but not to my daughter. As there is no mention of her will it be resumed by any one checking the report that I am solely responsible for that mortgage and its arrears? Should I do a notice of correction?

Thanks

Hazzinho

Check all 3 credit files and see if the association is there, it should be there as a joint account.