Nearly seven million Britons may have experienced financial difficulties following the end of a relationship, according to new figures from Experian CreditExpert.
Forty-seven per cent of the people surveyed reported credit rating problems and similar difficulties due to a previous relationship. A full third said they were still experiencing problems three years on.
The ratings agency says that if people became involved in joint financial arrangement with partners, such as joint loans or bank accounts, they will still be listed as “financially associated” even if the relationship subsequently ends. If their former partner subsequently runs into financial difficulties, this will affect their own credit ratings as well.
Managing Director Peter Turner explains:
“Financial ties, such as a joint mortgage, a joint bank account or a partner’s name on a credit card, will be viewed on a credit report as an ‘association’ to your spouse or partner. This association will stay on a credit report – regardless of whether the relationship has ended or not – unless a request to have it removed is made.
“It can be painful to have to think about finances in the middle of a break-up but it can be the first step towards regaining your financial independence.”
A formal “financial disassociation” ensures that financial arrangements are no longer linked to former partners.
Photo by Philip Taylor via Flickr under a Creative Commons licence