Told CRA says house has bed credit

[royboy68]

A friends 21 year old son applied to the bank for a loan for a car. Evidently he passed the CRA check but was refused as according to the bank manager the house is showing as having a bad credit history. Apparently my friend assures me that everything they have is paid on time albeit they have large balances. I thought that these days, they had to look solely on the person applying not on the house or the post code. It would seem to me that they have accessed his parents files before making a decision. I will be getting them to access their files this evening but in the meantime any advice would be grateful.

[andydd]

Houses dont have credit ratings !..individuals do...has he got a copy of the credit reports ? (£3 each or you can get a free trial), it may be there is a link between the property and someoen that should be there and can be removed, I had a similar issue relatiung to when I shared my flat with my brother but I got any bad links removed.

 

Andy

[royboy68]

Thanks for your answer andydd. I know that houses dont have a credit ratings. I was just saying what the bank manager has said. so far we have obtained his mothers credit report and that shows as fine but I still think we need his fathers and his own to be able to do anything about it. I was just amazed at what the manager said and thats why i posted.

[wcr?]

I agree that this is a strange thing for a Bank Manager to say. As you've both already mentioned, a property can not have a credit rating. It must be a case of mistaken identity, e.g. where a family member with a similar name has a bad credit rating. Or it could be due to a financial association that your friend has. If your firend gets his credit report I'm sure it will become apparent.

[liquidauctions]

It is due to financial association. The whole system is pretty nifty, If your friend is insured as a named drived with his mum or dad as the policyholder, they become financially associated.

[gandalf haggins]

Yup. No such thing as blacklisting properties, it can only be a financial assoc. Check yr report, and if theres one there, and if you have no joint commitments disassociate...assocs are not however created via insurance policies, via credit apps, accounts, or joint judgements only.

[gandalf haggins]

I wish clueless financial services bods would stop spreading this old wives tale about buildings accumulating debts...how the hell can an address owe money??? Seriously, think about it!