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Business Loan Liability
My boyfriend has a business loan registered at my address. The business is totally in his name. Now it looks like we might part company - and I want to know the following.
1) If he defaults on his business loan, will I have any liability (because it's at my address)?
2) Will any default reflect badly on my own credit scoring?
1) If he defaults on his business loan, will I have any liability (because it's at my address)?
2) Will any default reflect badly on my own credit scoring?
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1. If you've not signed anything in connection with the loan, you will have no liability in respect of any default.
2. A default could affect your own credit rating unless you file a notice of disassociation with the credit reference agencies. You can do this online with Experian:
http://www.experian.co.uk/contactforms/consume r_onlinedisassociation.html
Experian normally pass on such information to other agencies but, to be certain, you might also want to contact Equifax and CallCredit.
Chris
2. A default could affect your own credit rating unless you file a notice of disassociation with the credit reference agencies. You can do this online with Experian:
http://www.experian.co.uk/contactforms/consume r_onlinedisassociation.html
Experian normally pass on such information to other agencies but, to be certain, you might also want to contact Equifax and CallCredit.
Chris
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