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Will UK bankruptcy affect US credit rating?

Will UK bankruptcy affect US credit rating?

Old Mar 23rd 2014, 7:21 am
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Default Will UK bankruptcy affect US credit rating?

I am considering UK bankruptcy for a large amount of shortfall on my UK property as the last option. Can somebody tell me whether this will affect my credit rating in US? I have heard that the Official receiver may inform my US bank about the bankruptcy, but I also read that credit files are not transferable between UK and US. Anyone with any knowledge, please throw some light. This is stressing me out. Thanks
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Old Mar 23rd 2014, 11:01 am
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Default Re: Will UK bankruptcy affect US credit rating?

If you were not yet in the US I would have said no, but if you are resident in the US then your income/assets there can be applied to any payments made under a bankruptcy order. Perhaps a good idea to discuss this with an attorney in the US too.
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Old Mar 23rd 2014, 12:59 pm
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Default Re: Will UK bankruptcy affect US credit rating?

If the property is an investment property that you rent out can you not sell it at a loss and then claim the capitol loss on your US tax return? Not sure if you can do this if it was your primary residence prior to moving to the US.
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Old Mar 23rd 2014, 4:31 pm
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Default Re: Will UK bankruptcy affect US credit rating?

Originally Posted by civilservant View Post
If you were not yet in the US I would have said no, but if you are resident in the US then your income/assets there can be applied to any payments made under a bankruptcy order. Perhaps a good idea to discuss this with an attorney in the US too.
I dont have any assets here in the US and my income is just enough to meet the needs of 3 member family. I do have good credit history in US, which I dont want to spoil. Main thing I want to find out is whether my US credit would be affected?
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Old Mar 24th 2014, 8:52 am
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Default Re: Will UK bankruptcy affect US credit rating?

Regardless of whether it will appear on a US credit rating, would you not have to declare it on most applications for any new major source of credit (loan, mortgage, credit card)? I seem to remember questions about previous bankruptcies (or loan defaults, maybe both) on my mortgage application ...
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Old Mar 24th 2014, 1:43 pm
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Default Re: Will UK bankruptcy affect US credit rating?

I was a discharged bankrupt when I moved to the US, but was still under the 3 year income payment order. I notified my trustee about the move and told him that I wouldn't be working for a few months whilst I waited for my EAD. I completed new income forms when I got a job, and the trustee decided they weren't going to take any further payments based on the low level of spare income I had, and closed the case. I have never been asked about it when opening an account here (although I imagine a mortgage application would ask, but that's in my husband's name only) and it's had no impact on my US credit score.
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Old Mar 25th 2014, 1:18 pm
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Default Re: Will UK bankruptcy affect US credit rating?

The UK and US Credit Bureaus do not share information. Experian has a UK and US buisness but due to different laws they do not share that information. Therefore unless you self report at time of application for new credit anyone pulling your Credit Bureau History in the US will not see a UK Bankruptcy.

Now if you are new to the US you will have no credit history. So a thin Credit File and not enough information to be able to calculate a credit score. You will find it not so easy to access credit initially irrespective of your past credit history in the UK.
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Old Mar 25th 2014, 1:28 pm
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Default Re: Will UK bankruptcy affect US credit rating?

Originally Posted by caber View Post
The UK and US Credit Bureaus do not share information. Experian has a UK and US buisness but due to different laws they do not share that information. Therefore unless you self report at time of application for new credit anyone pulling your Credit Bureau History in the US will not see a UK Bankruptcy.

Now if you are new to the US you will have no credit history. So a thin Credit File and not enough information to be able to calculate a credit score. You will find it not so easy to access credit initially irrespective of your past credit history in the UK.
- of course if asked, to do otherwise would be fraudulent.
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Old Oct 26th 2014, 1:05 pm
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Default Re: Will UK bankruptcy affect US credit rating?

I agree with caber ......
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Old Nov 6th 2014, 4:15 pm
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Default Re: Will UK bankruptcy affect US credit rating?

Originally Posted by Robert Bell View Post
It will must effect on UK <snip url>] .....
Spammer...

Last edited by Bob; Nov 6th 2014 at 4:35 pm.
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Old Nov 6th 2014, 4:17 pm
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Default Re: Will UK bankruptcy affect US credit rating?

Originally Posted by Hotscot View Post
Spammer...
Yum.
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Old Dec 6th 2014, 4:21 pm
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Default Re: Will UK bankruptcy affect US credit rating?

How, Please explain me with detail ???
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