Don't let debt secrets hinder your relationship - Equifax reminds couples that shared finances can have an impact on their ability to get the best finance deals

Share Article

With Valentine’s Day approaching, leading instant online credit information provider, Equifax, is offering a timely reminder to couples that shared finances can have an impact on their ability to get credit.

Couple arm wrestling

1 in 5 admit to keeping debt secret from partner

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

Research* conducted amongst users of the Equifax Personal Solutions credit report services, revealed that almost 1 in 5 consumers admitted to previously keeping details of a personal loan or credit card debt secret from their partner.
That’s why Equifax is urging couples to share details about all credit commitments, including any debts – especially if they share any joint financial accounts.
“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”, explained Neil Munroe, External Affairs Director, Equifax. “That’s why if you are planning to take out any joint financial agreements – whether it’s a mortgage, finance for the family car or just a joint loan for a new sofa - it’s really important to be upfront about any financial agreements. And if you already have joint finances, it’s especially important to be honest about any late payments.

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

However, the Equifax research did reveal that the majority of couples recognise that honesty is the best policy when it comes to finances. Over 87% of respondents said if they started to fall behind on credit repayments in the future they would tell their partner. And although nearly 20% of respondents confessed to hiding some of their debts, over 90% said they would expect their partner to be completely honest about their personal debt.

“Of course, only the individual concerned can access their credit file – however our research revealed that more than 1 in 4 of consumers would ask their partner to share with them their credit report before applying for a joint credit agreement such as a mortgage or loan” continued Neil Munroe.

Equifax offers a free online credit check to view your personal credit report, including any joint agreements you may have. The Equifax Credit Report is accessible for 30 days free simply by logging onto http://www.equifax.co.uk. If customers do not cancel before the end of the 30 Day Free Trial, the service will continue at £8.99 per month, 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.

*1051 adults who were married or in a relationship responded to the Equifax survey, December 2011
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 organise 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 customised insights that enrich both the performance of businesses and the lives of consumers.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Louise Fowler, Clare Watson, Cecile Stearn, Wendy Harrison
Equifax
020 8977 9132
Email >
Visit website