sean3636

My American dream has come crashing down and now my family and I are considering moving back to the UK. We just completed a bankruptcy recently and have struggled to hold onto our house which we are now selling but as a short sale......my credit is obviously destroyed. Anyway, I had to work hard to build up my credit rating from day one since we came to these shores 16 years ago. At the time, no creditor would take into account my stellar credit from the UK and so I had to start from scratch. Now I am in the opposite situation where I don't want any UK creditors being aware of the disaster that has befallen us in the states. To those of you who have already moved back home, how was you foreign credit history treated by the UK creditors. Did you have to submit foreign credit reports or were you forced to start from scratch again especially if you have been out of the country for more than 10 years. Thanks for any advice.

sean3636

Seeing as no one seems to know the answer, I did some in-depth research myself and itr looks like the bad credit history won't follow me back to the UK............yes I will start will zero credit again but at least I won't have to worry about the negative stain of my US Bankruptcy.

ldyinlv

I had heard that also, I am in the same position, moving back with a bankruptcy..i dont think banks check internationally.

Mummy in the foothills

Well thats good to know.

Bijilo123

But are you going to lie if anyone asks you if you have ever been declared bankrupt?

sean3636

Honestly, yes I would lie especially if it turns out that they won't check to find out and I wouldn't feel bad about it either........creditors refused to take into account my stellar credit from the UK when I first came to the States so I had to start from scratch again which was extremely frustrating.......so as far as I am concerned it works both ways. Its not my fault that the credit industry hasn't come up with a way to view foreign credit or is unable to do so because of the law of the land.

sallysimmons

I'd be very wary of lying. Several banks are now able to check international credit and it's only a matter of time before that becomes widespread. If you have obtained a mortgage or car loan based on a lie, I imagine the legal repercussions can be quite harsh.

sean3636

I understand what you are saying but if we do make the move back home, I plan on building my credit for a few years in the UK before even contemplating looking for a mortgage or car loan. Hopefully after keeping the credit I do get clean, there will be no need for them to investigate my american disaster...but what do I know. My family in England is paying for my family and I to go over next year so we can check out what we need to do to move. I intend to use the brief time over there to speak to a financial adviser to find out what my options are and whether creditors would look at my foreign credit.

It would be very helpful though if there was someone out there who was in a similar situation me (having filed a bankruptcy in a foreign country and then eventually went back to the UK) who could share their story of what happened after they got back with regards to getting credit.......I can't be the only one out there who has suffered financially in a foreign land and gone back to England...............Saying that even if everything I believe is true regarding the credit issue, we still might not be able to move back because my wife has a very rare bleeding disorder that ended up being part of the reason why we had to go bankrupt(medical bills) plus me losing my job at the time didn't help either.

Bijilo123

Good luck to you - you answered my question about the possibility of lying - and I really don't know what I would do if facing the issue with family constraints. I've now got free of all debt - not that I ever had anything more than a mortgage and commend that state to anyone. So I say good luck, best wishes and Happy Xmas!

Ciderman

It would be worth checking if the US and UK have any two-way agreements regarding financial matters as Canada and the UK do regarding interest on savings as an example.

Whilst in Canada we had an account in the UK that earned interest we forgot to put on our T4/T5 and although we had already paid UK tax on it we also ended up paying Canadian tax as well. I know it's not in the same league but if they can pick up on something that small then with something as significant as bankruptcy, it might be best to be honest about it.

Think your UK credit history is erased after six years of inactivity as well- mine certainly was.

windsong

I'd love to know what reciprocity exists - in all areas - between the US and UK.

uk_vette

.
.
If I was in OP situation, I would have no problem in bending the truth.
If I was asked if I had ever been bankrupt, I would give a very firm answer 'NO'

Just get restarted again in UK, don't think back, just look forward.
If by some unfortunate situation, a bank in UK does find out you were bankrupt in USA, then just suggest that you have never been bankrupt in UK.

Let them take it from there.

'vette

Mummy in the foothills

You know what I think is annoying? They will probably look up a bankruptcy to deny a mortgage, but ask them to look up your good credit I bet they can't do it suddenly, and will charge us a higher interest rate on a mortgage because we don't have a good credit history.

bobbarker12345

i have the answer..... i worked for a background investigation company that screened candidates for major UK banking and finance companies. if on your background screening process you declare that you lived in the USA they will want to check your credit over there. in this case they will find out that you have been bankrupt, even if after 10 years. bankruptcy is always the worst option. unless they specifically checks your credit in the USA, they will not be able to find out your credit score over there. in the UK, bankruptcy is more negative than the USA as it bars you from certain professions like accounting, law, ect. in the US you can still go broke and be a CPA.

Pauljarv

That's not good news as I was told US bankruptcy wouldn't follow people back. Our situation is similar to the OP although the bankruptcy is just in my wife's name rather than mine. She is from the US and had the mortgage in her name, I am from the UK. I was told that UK mortgage lenders wouldn't check overseas credit.

Maybe it depends on when you were thinking of getting a mortgage and how your credit was in the meantime. I think if you were looking to buy now (god knows how with the deposit you'd have to save up) then they'd have no option but to look at your US credit. If you rented for 2 years or so and had good credit throughout that time maybe you'd be okay. Sorry I have no definite answer as I said I had been told (on here) in the past the opposite to the last poster.