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LPA / credit report query
marlarcroydon
Posts: 5
Forumite
Hello! Sorry in advance if this is a daft question - I can't find the answer online anywhere...
Basically, I have Lasting Power of Attorney for my elderly parents, and sadly it's got to the stage where I need to start using it with their bank, to help them manage their finances. Their bank say they will register me, and set me up with online access, debit cards and cheque books for their two accounts.
My question is whether or not that creates a "Financial Association" on my credit record, and on theirs? I wouldn't really want my credit rating to impact them, or the other way round, by creating an association with the credit reference agencies. And even if it doesn't appear as a Financial Association, do their bank accounts appear in any way on my credit record?
If anyone knows the answer to that I'd be really grateful. Thanks very much!
Basically, I have Lasting Power of Attorney for my elderly parents, and sadly it's got to the stage where I need to start using it with their bank, to help them manage their finances. Their bank say they will register me, and set me up with online access, debit cards and cheque books for their two accounts.
My question is whether or not that creates a "Financial Association" on my credit record, and on theirs? I wouldn't really want my credit rating to impact them, or the other way round, by creating an association with the credit reference agencies. And even if it doesn't appear as a Financial Association, do their bank accounts appear in any way on my credit record?
If anyone knows the answer to that I'd be really grateful. Thanks very much!
0
Comments
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Yes it does, both my deceased mother and stepfather are still on mine, not that it caused any issues.1
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Hi Keep-pedalling, thanks very much for the reply, much appreciated (and I'm sorry for your loss).
I'm just wondering really whether it means their credit history could alter my credit rating, or my credit history alter theirs?0 -
Additional questions.
1. Does LAP for yourself show on your report?
2. If you have LAP for someone does it state that on your report as a reason for association?
Just some thoughts
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