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Children in Debt

Enable’s Independent Financial Advisors know that many parents want to be able to help their children financially at the moment and lots of grown up children are still living at home.  One of the problems that can arise is that young people living at your address might be terrible at paying their bills. This should not affect your credit rating however.

Contrary to popular belief, there is no such thing as an address with a bad credit history. Since 2004, credit reference agencies have changed the way they handle your details. Frequently, if someone with a similar name lives at your address, then a second stage of identification will have to be completed. The old information, dating back to before 1993, listing addresses with bad scores, has been wiped from the system. Credit scores are done specifically on your name, address and bank details. If someone else in your property has a particularly bad credit score, then it will not affect yours. However, it is worth checking to make sure their details have not accidentally slipped on to your record.

If a lender refuses you credit, it must say why. Under the Data Protection Act, if you are refused credit, and scoring was used to help the lender decide, you can ask for a review of your application.
This gives you the chance to review your rating and see where it may need improving. Alternatively, it gives you the chance to point out mistakes that may be on your record.

Free Consultation

Call Enable FLP today on 01279 755 950 to book your FREE consultancy and to find out how we can make your money work better for you. Alternatively, send us a message by clicking here and one of our financial experts will call you back