How to financially disassociate yourself from your family member on your credit report
If you apply for a credit report and find that family members appear on your report, you can apply to have them removed (financially disassociated).
This would mean that you want to financially disassociate yourself from your family members so that their financial dealings do not impact on yours.
You may have applied for a loan, mortgage, credit card, store card or catalogue and find that you have been rejected by a lender because of this reason.
- If this is the case, then you can write to the Credit Report company that you purchased the report from and advise them that you are not financially associated with the persons listed in the report.
- To do this, write the following letter:
I enclose a copy of my credit report. I write to confirm that I am not financially associated with: [list each family member on the report].
Can you please update my credit report accordingly.
[Your name/Address etc.]
- The company will then remove those listed on the report and this should then improve your credit score. The other person’s credit rating will now not be taken into account when you are assessed for borrowing.
- If you do not do this, it could impact your chances of getting a mortgage or any borrowing and delay the process of applying for a mortgage unnecessarily. Most people are not aware of this.
- Once you have done this, give it at least two months, then check your report again. You should now be able to re-apply and have a successful result.
- If you are not certain of the exact reasons why you have been rejected, you should first check your free Experian credit score. An Experian account lets you access your Experian Credit Score for free which is updated every 30 days each time you log in. Your credit score could make the difference to your chance of getting a mortgage, and Experian believes that everybody should be able to access it without paying a penny. Buying your first home is an exciting life step and you want to ensure you are in the best position to be qualified for a mortgage. Lenders look at several factors including, your salary, debt and savings when considering your application. Your score is a number from 0-999 that’s based on the information in your credit report. The higher your score, the greater your chance of getting the best mortgage deals.
- If you have been rejected a mortgage as a result of a poor credit score, or simply want to improve your score before applying for a mortgage, you can do this by applying for a credit report with Experian (CreditExpert).*
- *For CreditExpert a monthly fee of £14.99 applies after your free trial. You may cancel during your 30-day free trial without charge. New customers only. Free trial period starts on registration – further ID verification may be required to access full service which may take up to 5 days.
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