A financial association is someone you’re linked to through joint finances or a joint credit account. There are some common misconceptions about financial associations – just sharing an address with someone or even being married to them (but not having any joint credit) doesn’t make them a financial associate.

Will a financial association affect my credit score?

Your credit score is not affected by anyone you are linked to financially. Even if you have a financial association on your report, your score is calculated using only information about how you individually use credit. So if you’re linked to someone with a low score, it won’t bring yours down.

How long do financial Associates stay on your credit report?

Associate information will stay on your credit report indefinitely. If you have an associate record on your report that you think is no longer relevant, make sure any joint accounts or court judgements are closed or settled, then ask to have the record removed.

Does your partner’s credit rating affect yours?

How can your spouse’s credit score affect you? Your spouse’s credit history won’t hurt, change or erase your credit score or credit history. What’s more, both your and your spouse’s credit reports and scores are considered if you apply for a joint bank account, or try to get a loan, credit card or mortgage together.

Can marrying someone with bad credit affect yours?

Marrying a person with a bad credit history won’t affect your own credit record. You and your spouse will continue to have separate credit reports after you marry. However, any debts you take on jointly will be reported on both your and your spouse’s credit reports.

When do you need to create a financial association?

Such financial connections are most commonly created when you take out credit with another person – for example a mortgage or more recently, a guarantor loan. It doesn’t even require you to open the account for an association to be created – simply making an application is enough.

What makes someone a financial associate of Equifax?

If you’ve got a credit agreement with someone – for example, a credit card or mortgage – then a link is created that makes you and that person financial associates. Do financial associates affect your ability to get new credit?

How can I get financial Association removed from my credit report?

You can get a financial association removed from your credit report if you no longer have a joint financial agreement with the other person. To do this in the UK, you’ll have to contact the credit reference agencies that hold this information. You can check if a financial associate appears on your Equifax Credit Report & Score.

What happens if you have a financial associate?

Lenders could take a financial associate’s financial behaviour into account even if you’re applying for new credit on your own. If your associate has poor credit history, this could potentially impact your ability to obtain a new credit agreement.