Don't Let The Break Up Of A Relationship Impact Your Credit File

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Equifax provides advice on how to ensure any joint finances you may have had with your partner don’t continue to affect your credit status after the relationship has ended.

Don't let joint finances you may have had with your partner affect your credit file

Don't let joint finances you may have had with your partner affect your credit file

Research recently released by the Consumer Credit Counselling Service (CCCS), has revealed that divorce or relationship break-up leads 25 people a day to seek debt advice. Leading instant online credit information provider, Equifax, is urging anyone who has recently gone through a break up to take stock of all their financial arrangements. In particular, the company is urging parting couples to close joint financial accounts so that any future debt problems they might have won’t affect the other’s ability to gain credit.

Neil Munroe, External Affairs Director, Equifax explains more: “If you have a joint financial agreement with a partner, then their credit information will be linked to yours for as long as that agreement exists. Although you may not know a partner’s financial situation before you take out joint agreements, you can protect yourself from getting into financial difficulties when the relationship is over by ensuring that all joint agreements such as credit cards, mortgages, and bank accounts are closed as soon as possible.

“Lenders look at all the financial commitments someone has when new credit is applied for – and if there are joint financial agreements they will more than likely also look at the credit history of the partner too.”

Equifax offers a free online credit check, which can be accessed via its App, where you can view your personal credit report, including any joint agreements you may have. The end of a relationship is a good time to go online and get your credit checked.

The Equifax Credit Report, with the facility to access credit information for the first 30 days free, gives consumers a valuable insight into their credit status. Accessible simply by logging onto equifax.co.uk it is designed to help individuals understand their credit file and see what lenders see to assess new credit applications. It also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life’s challenges.

If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at a small monthly charge, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

The Equifax app is available free from the Apple iTunes Store on iPhone and iPad and from Google Play for Androids.

Here are some top tips from Equifax on how to protect yourself from your ex’s debts

  •     Get a copy of your credit report so that you can check your financial status and be aware of any joint agreements you hold with your ex partner
  •     Make sure that any joint accounts are closed immediately
  •     Ensure that any existing bills are paid off and then amend the account details
  •     If you applied for credit together any links to your ex-partner’s report will show up on your own as ‘associations’. Inform the credit reference agency and request that they be removed
  •     Make sure you change your PIN and any security details if your ex partner has any access to your personal information.

About Equifax

Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers. Equifax operates or has investments in 17 countries for more information, please visit the website.

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Louise Fowler | Clare Watson | Wendy Harrison
Equifax
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