Bad Credit Rating Impliatons: Additional Card Holder For Mother?

Psycho_mantra

smithja wrote: »

I was told it is not the actual account details that appear on your file, it is a simple association between the two people at the address of the principle card holder that is created. If it is correct when you are searched as an additional cardholder, the principal cardholders data is divulged too. After I posted it I went away and read some T&C's and HSBC and RBS Group card both given the impression this occurs, they state something of the order "anything like a joint application". I also found something called the Finance and Leasing Association who categorically state the banks that do share the information in the way I described to look for problems where an additional cardholder may be a problem (even although they have not in most cases given their consent for this to happen), Barclaycard, the Co-op, and Egg are on the list, and it is happening now. I will try and post the link later. James
Edit: This is RBS/NatWest's current credit card T&C's on the subject "Credit reference agencies (j) A link between you and anyone with whom you have a joint account or similar financial association will be recorded at credit reference agencies, creating a 'financial association'. All parties' information will be taken into account in future applications until one of you successfully files a 'notice of disassociation' at the credit reference agencies. (k) We may make periodic searches of and provide information (including how you manage your account and any arrears) to, credit reference agencies and the Group to manage and take decisions about your account. Such information may be used by other credit providers to take decisions about you and your financial associates. "

Financial associations do matter - my credit rating dropped when i made my wife my financail associate. She was new to the country and had no credit history - good or bad - these guys couldn't find her so my rating dropped. Thick!!!!

So i would not take the risk of making a financial association if either persons rating aint up to scratch.

jamalfatty

I have inside knowledge of this process, becoming an additional cardholder on another persons credit card account does not make any financial link between the two cardholders.
The account is solely held in the main cardholders name and they and only they are responsible for the debt - this is made clear when taking on an additional cardholder, and thus an additional credit check or financial link is not required or created.
The banks have no way of verifying the additional cardholders identity so to create any sort of link would be irresponsible and open to abuse