Credit file question

dodecanese

Hi,
quick question, now Im bankrupt I accept my credit rating is on the floor. However, I have a mortgage that is joint with my sister- will my sis now also have "bad credit" because of my bankruptcy?
There are no joint accs/loans etc- just the mortgage.

fermi

The joint mortgage will be enough to create an association between your CRFs.

From Experian.

A record of an association shows a financial link you have with someone. These links are created by joint judgments, joint accounts and joint credit applications, or from information you gave to us or lenders.Associations are not created between business partners.

The information you see will include the details of the person you are financially connected to (the associate), the name of the organisation which created the link, and the date the link was created.

Lenders may also see the financial information relating to the associate. This allows lenders to view all the information that may be relevant to your credit application. Information about an association is held on record indefinitely. The financial information about any associates is not recorded on your credit report. If your associate needs to see their credit report, they will need to apply separately. Lenders can take account of your associate’s financial information when deciding whether to give you credit.

However, to what degree (if any at all) this will reflect on her creditworthiness is probably best checked with Experian.

Where the joint finance is a mortgage that has not been defaulted upon, the I would expect the impact to be negligible.

dodecanese

Thanks Fermi.

fermi

dodecanese wrote: »

Thanks Fermi.

Check with Experian and/or the other CRA's, since my post above is only an educated guess at best, and it's very hard to say for certain.

It may also depend on the individual criteria of each lender who credit checks her and the the type of financial product that is being applied for.

fermi

I should add that I had a good hunt around on Experian and the other CRAs, and they all seem to be very vague on this.

About the most they seem to put into writing are vague phrases like.

"The only person whose finances can affect you is someone you have joint finances with, like a joint mortgage or bank account."

From: HERE. Worth having a look through.

There is also a section on another forum specifically for credit reference file question here: Credit Reference Files