Couples warned to dump their partner's credit history
Nov 06, 2006
Estranged couples have been warned that they risk being refused credit for loans if they forget to break up with their partner's credit history as well as their partner.
Credit reference service CreditExpert said that married or cohabiting couples who have been financially linked with joint credit accounts such as mortgages, credit cards and loans remain financially linked afterwards unless they inform lenders of their new single status.
This means that if a consumer's partner has a poor credit history or gets into trouble once they have broken up, the consumer could be denied credit too or made to pay more interest, with information about broken credit agreements staying on a person's credit report for six years.
While 17 per cent of Britons ask their partners about their credit history before committing to a relationship, according to research from CreditExpert, they need to be just as careful when breaking up with a partner.
The company's managing director said that it was vital for consumers to keep track of their credit report and make sure their credit history was in order, as if it didn't reflect a borrower's current status, a lender might be less likely to offer them credit.
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