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Credit score check 230,000 people need to do right now as mistake could 'ruin your life'


People have been urged to check their credit report to make sure a little-known error could have a major impact on their finances.

Some 233,000 people who have got divorced over the past decade could still be tied to their partner with respect to their credit score.

Research by MoneySuperMarket found one in five divorcees have not taken the steps to protect their credit score after a split, meaning over 46,000 people could take a hit due to their ex’s financial decisions.

Mum-of-two Alice was unable to move home or get a new car on finance as she was still tied to her soon-to-be-ex husband’s finances.

She said: “Ian (not his real name) had racked up even more debt that I had no idea about while he was out of work a few years ago.

“They told me I was 50 percent liable for that debt. And because of that debt, we’re still tied through financial association.

“It’s ruined so many elements of my life. I’ve been unable to get credit for a new car, which I desperately need. My partner and I want to move out of the flat that now holds so many bad memories.”

Financial association with a partner stays on your credit report and you have to request for it to be removed.

Kara Gammell, financial expert from MoneySuperMarket, said: “Breaking up is rarely easy to do, either emotionally or financially, but there are ways you might be able to make separating your finances less painful while protecting your future.

“Changing the legal status of your relationship doesn’t show up on your credit report and doesn’t affect your credit score.

“However, it is likely that during your relationship you’ve had financial agreements in both of your names, for example, a mortgage, a loan or a bank account.

“Taking out shared finance with someone makes you ‘financial associates’ and these shared agreements will show up on your report and could potentially affect your credit score, as a potential lender may look at both your and your associate’s credit reports when you make new applications for credit.

“The end of a relationship – divorce or otherwise – has no influence on the financial association. You can request to be financially dissociated when the shared credit agreement has ended.”

MoneySuperMarket has a credit monitor tool you can use if you are going through a divorce to protect your financial future.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

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