Liability

What is Liability?

Liability is used to describe any form of loan, borrowed credit or financial obligation that needs to be paid. It includes (but is not limited to) mortgages, loans, any outgoing salaries, legal fees, pensions and even interest that needs to be paid out. Liability is factored in when working out a person’s assets along with any Equity they may have.


Q: Can I see liability on my credit report?

A: Any formal credit agreements that constitute liability will appear on your credit file, but because of the wide range of outgoings that count, it’s possible that you are responsible for more than appears on your report.

To see what does appear on your Credit Report, you can try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel online at any time.

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