James
I wish to buy a repossessed house but have been told to avoid it, as it will hurt my credit score badly. I have been told that the address will always show up as having been repossessed and that it does not matter that my name is good but that the address is bad. I find this hard to believe as I have no connection to the person who has had their home repossessed. Please can you clarify this for me? Thank you.
Jenniek, Norwich
Jenniek
I'm glad you find it hard to believe because it isn't true! As I just explained in another answer, credit reports are produced on people not addresses. Your credit rating can only be affected by someone else's debts if you have linked up your credit reports, for example, by applying for credit together. I doubt you'll even meet the previous occupants of the house you are thinking of buying, never mind enter into joint credit agreements with them. So don't worry, whatever debts the previous occupants ran up can have absolutely no effect on your creditworthiness.
James