A joint mortgage, loan or bank account links your credit history to someone else’s. Here’s what that means — and how to remove a link you no longer need.
What is a financial connection?
A financial connection is the name of an individual you have, or have had, a financial connection with. They appear on your credit report unless you request to be disassociated from them.
How financial connections affect your credit
People you’re financially connected to can influence your ability to obtain and get credit if they are not meeting their credit agreements such as missing repayments.
Does living with someone create a financial connection?
You can be confident that, just living with someone does not create a financial connection. You need to have a joint loan, mortgage or bank account to create a financial link.
Check your financial connections regularly
A financial connection is anyone with whom you’ve held a joint financial agreement, such as a bank account or joint mortgage. It’s important to check who your financial connection are because their credit history could affect yours. If you’re no longer financially linked with individuals, make sure they’re removed from your credit report.
Make sure you regularly check your credit report to ensure your financial connections are still relevant. If they’re not, you can remove them by raising a dispute on your credit report. This process is known as a disassociation and will stop them from having an influence on any credit applications you make in the future.
How to remove a financial connection (disassociation)
You can remove a financial connection from your credit report by raising a dispute when you no longer have any joint finances, such as a mortgage.
The names of any people you’re financially connected to will show on your credit report unless you request to be disassociated from them.
Moved house or changed your name?
If you’ve recently moved or changed your name, it’s a good idea to update your lenders with your new personal information. This helps create a financial connection between you and your new information.
Not sure who you’re connected to? Check your statutory credit report and review the financial associates section. If something is incorrect, raising a dispute takes just a few minutes.
