Do financial associations affect my credit rating?
There are many reasons why your car lease application may have been rejected. The financial associations in your credit report could be one of them.
What are financial associations?
Financial associations are ‘financial relationships’ you have with other individuals. If you hold joint accounts, mortgages or credit cards or apply for any credit with another person, this financial association will show in your credit file. Financial associations also show in your credit report if you have ever received a joint court judgment.
“You may be declined credit if you have a financial relationship with someone who has poor credit.”
Will financial associations affect my ability to lease a car?
Although financial associations do not directly cause poor credit, the relationship is recorded in your credit file. Car leasing companies may take this relationship into account when they assess your application. If a financial associate has a bad credit rating, it can make it harder for you to obtain a car lease. Conversely, if they have a good credit rating, this can positively affect your own chances of acceptance.
While most car leasing companies will reject your application if you have a poor credit rating or are financially associated with someone who does, at Eureka we specialise in helping you to secure a car leasing deal tailored to your circumstances.
“You can ask for a ‘notice of disassociation’ to be placed on your file if the financial relationship is no longer relevant or accurate."
Can I remove a financial association from my credit report?
If you notice a financial association on your record that is no longer relevant, you can ask to have this removed and issue a ‘notice of disassociation’. The credit reference agency will contact the bank or lender to establish whether the association has genuinely ended. Once they confirm this, they will place a notice of disassociation on your file so that the financial connection is no longer considered when you apply for future credit or a car lease.
While bad credit may cause difficulties when it comes to car leasing, Eureka is happy to help you lease a brand new car.