PayPlan, one of the UK’s largest free debt advice providers, is faced with multiple questions surrounding debt everyday.

One frequently asked question is, “Will my partner’s debt affect my credit score?”

Here, PayPlan tells you everything you need to know when it comes to credit scores…

If your credit score is important to you, or you wish to take out credit at any point in the future, knowing what can affect your credit score is essential.

Depending on your financial ties, your partner’s credit score and debts may affect your score.

What is a credit score? 

A credit score is a personal score of how reliable you are at borrowing money. If you want to take out a loan, credit card, or any other type of credit, lenders will use your credit score to check your eligibility.

Credit reference agencies work out your credit score using your borrowing history, repayment history and other factors. This means that your score will be affected by missing payments, but it may also be lower than you expect if you have never borrowed money or used credit. This is because, although you’ve never been unreliable, there’s little data to confirm that you will reliably repay.

Can my partner affect my credit score?

Your credit score is an independent score based on your financial history.

If you live with your partner and they have debt or bad credit, this shouldn’t affect your score.

Equally, if you marry someone or are married to someone with bad credit, this won’t affect your score.

The primary way they may be able to affect your score and ability to borrow is through being financially linked.

If you have a joint bank account, joint mortgage or are both listed on the same utility bills, this will link you financially.

Once you’re financially linked to someone, their credit score and anything they do going forward will also affect your score.

Therefore, if you know your partner has debt or bad credit, it may be best to avoid financially linking yourself to them to protect your score.

What will happen if my partner and I break up?

If you have any joint accounts, you should close them down or convert them to only your name.

If you have a joint credit card or unsecured debt, you’ll probably need to pay it off in full before you can close it down.

Mortgages and secured debts can be solved by either selling the asset to pay off the loan or arranging with the lender for one of you to take over the debt solely.

Once you have closed any joint accounts and debts, your ex-partner’s credit history will still show on your credit reports for up to ten years.

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police  speak to us via live chat or for more information.

Staying safe online is becoming increasingly difficult as cyberattacks become more sophisticated.

Whether it be impersonating someone you know or an organisation/business that you trust, cybercriminals encourage individuals to share personal or sensitive information or click on malicious web links or attachments.

Human error has been reported as the major contributing factor behind many data breaches, and scammers will look for potential weaknesses to steal personal information and tap into systems and networks.

Research has also revealed that:

• 82% of people would like a secure way to browse the internet safely, for example, shopping online or sending sensitive information with confidence
• 59% of people surveyed say that managing their digital security is too complicated
• 73% said they’d like a trusted brand to tell them how to stay safe online

Top tips to help you stay safe online when it comes to online scams:

• Do some research so you know what to look out for. Visit gov.uk/guidance and citizensadvice.org.uk/consumer/scams websites, which are regularly updated with the latest information
• Never send money to anyone you don’t know personally, and never buy anything you’re unsure of.
• If you get a request for money from someone you know by text or over social media, call them at another number to check if it really is them asking and not a hacker who has stolen their phone number or hacked into their social media account.
• Look out for spelling errors, poor formatting, or messages that don’t use your name. These can be obvious signs of a scam. Remember, though, some scams are sophisticated and can look very real.
• Never share your personal or financial data, including usernames, passwords, PINs, or ID numbers.
• Don’t open email attachments or follow links unless you are 100% sure they’re safe. You can check whether a website is likely to be legitimate or fraudulent at getsafeonline.org
• Make sure your anti-virus software is up-to-date and run a scan before opening anything you’re suspicious of. Remember to protect your tablets and smartphones, which are equally vulnerable to online scams and viruses.
• Always update software, apps and operating systems when prompted or set them to update automatically.
• Think before you follow any link. If something seems too good to be true, remember that it probably is.

Fraud victim Harry encourages others to reach out for support 

Harry, one of our clients, has shared his story to raise awareness around Safer Internet Day and the consequences it can have on your finances and mental well-being.

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/police to speak to us via live chat or for more information.