What is a...

Financial Association

A Financial Association is another individual who you’ve had a perceived financial relationship with. These are usually partners, spouses, and family members.

How do I check for a Financial Association?

You can check your Financial Associations by viewing your Credit Report online. Our Multi Agency Credit Report is the most detailed in the UK, collecting your data from all four Credit Reference Agencies onto a single, easy-to-use platform.

If you haven’t already, you can try checkmyfile free for 30 days, then for just £14.99 a month afterwards, which you can cancel online at any time.

How is a Financial Association created?

A Financial Association is recorded on your Credit Report whenever you open a joint account or apply for joint finance with another individual. In some cases, acting as a guarantor for a loan or mortgage can create a Financial Association link.

If you include your spouse’s name on a credit application, this will also create a Financial Association. A financial link to this person subsequently exists and will be shown on your Credit Report and remain even after the account is settled or closed, even if you separate or get divorced. As Financial Associations remain indefinitely, it’s fairly common for people checking their Credit Report for the first time to find Financial Associations with ex-partners and even old flatmates.

A Financial Association on your Credit Report will consist solely of that person’s name. You won’t have access to any of their private information, just as they cannot access yours.

That said, while you are associated with another person, a prospective lender may assess their Credit Report alongside yours whenever you apply for credit. This means any negative information on their Credit Report, such as late payments, defaults, or bankruptcies for example, can damage your own approval chances.

Because of this, it’s best to monitor your Credit Report to ensure your Financial Associations are accurate and take steps to remove any incorrect or out-of-date associates.

The UK's First Provider Of Online Credit Reports

Launched 21 Years, 35 Million Credit Scores & 8 Million Credit Reports Ago

The UK's First Provider Of Online Credit Reports

Related Jargon