Does a joint account set up for executors of an estate still link the credit reports?

Dear James,

I’ve opened an executors bank account solely for the purposes of distribution of an estate. I have opened this with someone else, so will this link our credit ratings? If it does, does this automatically stop linking us when the balance is zero or it is closed?

Jo, Ely

Dear Jo,

Sorry to hear about your loss. When two people open a joint account together, to execute an estate or for any other reason, it’s likely that a financial association will then be added to both account holders’ credit reports. This association then continues until one of them tells the credit reference agencies that the link has ended. Whilst the association is there, if you apply for credit then the lender can review the other person’s credit report. You may find that this can have an impact on the application, depending on their credit report.

So, once the account is no longer needed and you close it with the bank, you should apply to each of the three main agencies (Experian, Equifax and Callcredit) for a ‘financial disassociation’. You can usually download the required form easily on the agencies’ websites.

It’s always good to review your credit report from time to time, to help make sure it is accurate and up to date, and one of the things we advise people to look for is whether there are any financial associations that are no longer relevant. (November 2017)


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