Credit rating advice

moonbeth

My friend is in the process of purchasing a flat but has been told by her parents to pull out as it is a repossession and the bankruptsy of the previous owner could mess up her credit rating for years, she is torn as she really wants the flat.

Does any one know if this is this true? and if so is there any way to avoid it, such as contacting the credit agencies or anything really?

Thanks
Beth

Annabee

That's completely wrong what her parents told her. A credit rating is only attached to an individual, not an address, so there should be no need for her to worry.

Anyway I'm sure someone else who knows more will be along to give you
more info, but I'm sure what I've said is correct.

CLAPTON

Annabee is absolutely correct.. it used to be true that people at your address could affect your credit rating but even that's been changed now and she should have no worries.

wornoutmumoftwo

I used to work in Finance and credit scoring was based on the individual and not the House address.

carpetbelly

I work in the banking sector, my main role is programming credit scoring systems so know all about this.

Your friend will be fine. Someone elses credit problems will never affect you unless you have a financial link with them and an address is not a financial link.

Credit Files as already stated are attached to an individual. You only have someone elses details affect your file if you hold a joint account of some descritption with them.