Financial connection - need to remove them?

GeekieGirlie

I noticed on my Transunion credit report I have under “financially connected or was previously connected to’ my husband who I am separated from.  It says last confirmed in 2016 a secured loan that we then paid off in 2019 when we sold our house. That’s the only thing showing in there and only connection we have. But is a closed and cleared account. 

We don’t have anything to show we paid off the loan except the solicitors letter sending the money to them. I don’t think we have the paperwork still if we received anything from them after showing now closed. So  I am not sure how I’d get that connection removed off my credit score. As no proof no longer have that connected account except obv the accounts fully closed. 

Do I need to remove this would it be fine if we left it? It’s the only thing we had connected together that one loan and as I say we have paid it off now. Or is it something i need to be removed from? 

Brie

I don't think you can get the connection removed as it is accurate.  

And I don't think you need to worry about having paperwork or not.  If the loan is paid off no one should be worried about it being on your credit account.  Neither you or any future creditor.  Plus your last acknowledgement of it was 6 years about when you paid it off.  Even if there was a portion still unpaid it would be considered "statute barred" and so would be unenforceable.  Unlikely to be relevant but hopefully knowing that will reassure you.  

GeekieGirlie

Brie said:

I don't think you can get the connection removed as it is accurate.  

And I don't think you need to worry about having paperwork or not.  If the loan is paid off no one should be worried about it being on your credit account.  Neither you or any future creditor.  Plus your last acknowledgement of it was 6 years about when you paid it off.  Even if there was a portion still unpaid it would be considered "statute barred" and so would be unenforceable.  Unlikely to be relevant but hopefully knowing that will reassure you.  

Ah I see! Thats great thankyou!

KoshB5

Providing there are no open accounts with the associated person, you can and should request all three of the credit reference agencies (if they have a link) to disassociate you from them. The association will be active even when a closed account drops off your file as the assumption is that you are still linked to them because you once were. 

The reason you should break the link is that lenders can and often do check the associated persons credit file when you apply to open an account, which if negative can impact your application.

GeekieGirlie

KoshB5 said:

Providing there are no open accounts with the associated person, you can and should request all three of the credit reference agencies (if they have a link) to disassociate you from them. The association will be active even when a closed account drops off your file as the assumption is that you are still linked to them because you once were. 

The reason you should break the link is that lenders can and often do check the associated persons credit file when you apply to open an account, which if negative can impact your application.

Thank you. I didn’t realise it still stays connected even if account closed. We both have no plans to ever get any credit again but will have a look into removing that anyway for both of us.