Your credit history and your home addresses
Your credit history is about your use of credit. It is not a record of all the people who lived at your address.
Unless you have a joint debt, you do not need to worry about the credit history of people who:
- Share a home with you, or
- Used to live at your address
Linked credit files and joint debts
Your credit file shows any credit agreements in joint names.
- This 'links' you to the other person
- Your poor credit history may affect them
- Their credit may affect yours
This could apply to:
- Joint loans
- Joint bank accounts
- When someone acts as a loan guarantor for you.
Do you have joints accounts but no connection with the other person any more?
Ask for your credit files to be ‘disassociated’.
- This removes the link between your credit files
- You can only do this if:
- The joint account has been paid off in full and
- You do not live with the other person
Contact the credit reference agencies for disassociation.
What do I do if the information on my credit report is wrong?
Contact the credit reference agency or the lender.
- Tell them the information is wrong
- Tell them to update their records
Will my credit history affect my job?
Some employers credit check new or existing staff.
This is usually in:
- Legal services
- Financial services
- Property conveyancing
- Accountancy
Find out if your credit history might cause problems at work by:
- Checking the terms and conditions of your employment contract
- Speaking to your HR department
- Speaking to your trade union or professional body
Can I get a mortgage with a bad credit history?
Mortgage lenders do credit checks and will see if your credit is bad.
They may:
- Refuse you a mortgage or
- Charge you a higher rate of interest
Some companies specialise in mortgages for people with poor credit.
They often charge much higher interest.
Can I rent a property with a poor credit history?
Many landlords or letting agents do a credit check. They need your permission to do this.
They may:
- Refuse your application
- Ask for a guarantor
- Ask for larger deposit
Some landlords only check public information like:
- The public register of court judgments
- The public register of insolvency
This means missed payments or defaults might not affect your application.
Will my credit affect my car insurance?
Insurers will run a credit check you.
Poor credit could mean paying higher interest if you pay in monthly instalments.
It is unlikely that poor credit will stop you getting an insurance policy.