will my daughter's debts affect me?

[semitone]

It seems that my daughter living at home is running up debts with no means to repay them. Will this affect my credit rating?

[Oneeyedvic]

yes it maydo. When a credit search is done, a lender will see details of most of your credit commitments as well as any one else who is associated with you. This is usually a spose / partner, but may involve your child if you have ever asked to be guarantor for her. Once an association has been made, it will always come up on the searches.

Best thing to do is get a copy of your credit report (costs around �2) - www.experian.co.uk and www.equifax.co.uk - and check to see if an association has been made. If one has been made, then you can file a notice of disassocaition - it will explain how on the websites.

[Peahead66]

Not unless you both took on a joint loan or the debt is in both names. Credit rating is based on the person not on the address. As from November 2004 credit files are not joined for members of the same household anymore for data protection purposes. If you have no joint debts or like Oneyedvic says you havent been a guarantor for her then it shouldnt be a problem. Get your files like Oneeyedvic suggests.

[Dakota]

My brother, who still lives with our parents, ran up some debts and it affected my fathers credit rating purely becuase they share the same name and address.  My father was trying to get a loan to no avail and was told it was because his credit rating was poor - which he knew wasn't true.  He eventually used that equifax website and produced the proof to the bank, who inturn rectified the problem.  So I guess the answer is "sometimes"