If you have joint loans or other debts with someone else, your credit file will be linked to theirs. It’s called a financial association or a financial connection. You can get rid of that association if you don’t have joint debts. Find out how to get rid of a financial association.
How to get rid of a financial association
In order to have the link or financial association between your credit files removed, you should get your name taken off any joint accounts or mortgages, or close the account. You can only close a joint account if both of you agree to it. If both of your names are on a utility bill, one of you should take it over. It may not be easy to come off a joint loan as the bank or lender would want to be confident that the person whose name remains on the account could make the payments.
SAVVY TIP: In the current climate, many couples who have split up are forced to carry on living in the same property because they can’t sell the family home. You don’t need to live at separate addresses to create a disassociation.
If you and your partner have a joint mortgage
In some circumstances, it may be possible to create a disassociation even if you and your ex still have a joint mortgage. It’s not possible to do this if you still live in the same property. If you live at separate addresses but were unable to take over the mortgage in your own right (or if your partner was unable to do so), the credit reference agency may still be prepared to disassociate you as long as you’ve been living apart for six months or more and all other financial links have been broken. Check with the credit reference agency as they’re likely to make the decision on a case-by-case basis.
Contacting the credit reference agencies
Once you’ve closed accounts so that you have no financial link with your ex partner you should contact the credit reference agencies and ask for the financial association or connection to be severed.
You normally have to fill out a short form online. Its technical term is a ‘notice of disassociation, although credit reference agencies don’t tend to refer to it by that name anymore. The form will ask a number of questions, such as where you’ve lived over the last six years and other names you and your ex have been known by. It will also ask you to confirm that you have no joint accounts that offer you credit (including joint bank accounts).
SAVVY TIP: You can normally find this form on the credit reference agencies’ websites by searching for ‘financial association’ or ‘dissassociation’
Do this with each of the three main credit reference agencies, Callcredit, Equifax and Experian. Check your credit report once the financial association has been removed so you know it’s definitely gone.
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