Executor account - will it effect credit rating?

edited 30 November -1 at 1:00AM in Credit File & Ratings
2 replies 852 views
guitaroguitaro Forumite
14 Posts
Fifth Anniversary First Post Combo Breaker
edited 30 November -1 at 1:00AM in Credit File & Ratings
Hey guys, could really do with your advice here!

I know having a joint account links your credit files together, does an executor account (for dealing with a will) do the same?

I'm being asked to create one with someone who I know will have a have a poor credit rating (I know has been bankrupt, lives on the edge with this kind of thing) so I don't want a financial link with them.

I'm thinking an executor account will link credit files together in the same way a joint account would.

Many thanks,
Dan.

Replies

  • DCFC79DCFC79 Forumite
    40.3K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    guitaro wrote: »
    Hey guys, could really do with your advice here!

    I know having a joint account links your credit files together, does an executor account (for dealing with a will) do the same?

    I'm being asked to create one with someone who I know will have a have a poor credit rating (I know has been bankrupt, lives on the edge with this kind of thing) so I don't want a financial link with them.

    I'm thinking an executor account will link credit files together in the same way a joint account would.

    Many thanks,
    Dan.


    Well it definitely wont ruin your score, well it will but lenders dont even see it, they see the history.
    This may answer your question https://www.experian.co.uk/consumer/questions/askjames408.html
  • T-G-CT-G-C Forumite
    591 Posts
    ✭✭
    Once there is no further use for the executor account, it can be closed. Once this is done, you no longer have a financial association with said person and can therefore request the link be broken.

    Even if the main account holder wishes to keep the executor account opened, you can be removed from it after your purpose is fulfilled and still remain eligible for dissociation.

    Otherwise, is there another way around it? You could express your concerns with the person and work around opening an account together.
    Advice provided from this account does not consist of any professional knowledge. For professional debt advice, please contact either National Debtline or StepChange. Advice may consist of personal experience, opinion and/or informational sources.
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