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Leaving The Nest And Spreading Your Wings
You may want to get credit when you leave home, but you don't want to be lumbered with any bad credit that others living at your family home may have had in the past six years. When you apply for credit you will be asked for your previous addresses for as long as six years. Those with the same surname who share that address will also come up when lenders check your credit history (detailed on your credit reference file). Of course, if those living at that address with the same surname have a good credit history, you won't need to worry and this could have a positive affect on your own credit file.
However, if your family has large or unpaid debts and/or poor credit history's you may find it harder to get credit. Why? Because lending rules permit lenders to base part of their decision in lending money to you on the credit histories of those people. For example, if an address housed a number of people with less than glowing credit histories who had large debts between them, a lender may decide not to give you credit.
The good news is that you can separate yourself and break the chain.
If you find that this is a reason for refusal of credit you can request a 'disassociation' to be placed on your credit file. The Consumer Help Service are the people to contact to request this. Find more information on how to repair your credit file here.
Don't forget this works both ways so, once you apply for credit for the first time and have a credit file created, your credit history could equally affect those living at the same address with the same surname should they apply for credit. Poor credit history can be created by not paying bills or monthly credit card payments and stays on your file for six years.
If you leave home and have registered to vote, lenders will use the address where you are registered to vote to check your credit history. If the check should be run on a new and/or temporary address, you should tell the lender in your application form. Some lenders may refuse you credit if you are not registered to vote, certainly if you are not registered and cannot provide proof of address.
Credit Repair
Credit Repair: Credit Repair
Credit Repair: Discover How To Repair Your Credit History
Credit Repair: Refused Credit? Discover Why
Credit Repair: The Credit Check
Credit Repair: Credit Information Factfile
Credit Repair: Bereavement or serious illness
Credit Repair: Divorce or separation
Credit Repair: Redundancy or income reduction
Credit Repair: Moving Home
Credit Repair: Leaving Home
Credit Repair: Beware of Dodgy Promises and Bogus Credit Repair Companies
Credit Repair: Sample Credit Repair Letters
Credit Repair: CCJ Removal
Credit Repair: Default Notice removal
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