Financial association explained

Financial association is a link that’s created when you apply for a financial agreements with someone else. Your credit information is linked with your associate’s.

Who can be financial associates?

Financial associations can be created for two or more people. Getting married to someone or sharing a flat with a housemate doesn’t automatically make you financial associates. If you’ve got a credit agreement with someone – for example, a credit card or mortgage – then a link is created that makes you and that person financial associates.

Do financial associates affect your ability to get new credit?

Lenders could take a financial associate’s financial behaviour into account even if you’re applying for new credit on your own. If your associate has poor credit history, this could potentially impact your ability to obtain a new credit agreement.

Removing a financial associate

You can get a financial association removed from your credit report if you no longer have a joint financial agreement with the other person. To do this in the UK, you’ll have to contact the credit reference agencies that hold this information.

You can check if a financial associate appears on your Equifax Credit Report & Score. Free for the first 30 days then £7.95 monthly, the report shows you your borrowing history, including whether you’ve got any financial associations, while your score shows you how creditworthy a lender may find you.

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