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When you are applying for credit, it's not simply a question of the loan company accepting or rejecting you on an impulse - it is all a question of your credit rating.
Your score is a financial indicator of your credit risk - that is, whether a loan company should lend to you or should not, completely based on whether you are deemed as a high or low risk. Your credit record - which is on file with all the major credit referencing agencies, for example, Equifax and Experian - indicates the credit you have had before (extending back for the last 6 years), including any current obligations.
When you apply for a personal loan, the loan provider will carry out a credit search - and will assign you a credit rating drawn from the details shown in your record. If you have a large number of debts - and in particular if you have neglected payments or have been late with them - you will receive an unfavourable credit score.
The lower your credit rating, the more difficulty you will have being given credit due to the fact that a smaller credit score means that there is a greater chance of you not covering your debt when it is due.
It also verifies if you are on the electoral roll as well as any financial associations. If you are absent from the electoral roll, it can have an impact on your potential for being given credit, because your place of residence is not 'confirmed'. A financial association is anybody with whom you have been financially associated, presently or in the past. It could possibly be a previous partner, your mother or father, or even someone who lived at your address prior to you and who has not been eliminated from your record.
When the people listed as a financial association are in no way associated with you - i.e. you no longer have joint financial obligations and the person is not living with you - then you can request that the credit recording agency remove the details.
Continuing to have them on your credit file - especially if they have a record of financial problems in the past - can have a harmful influence on you accessing any credit.
When deciding on whether to approve credit, loan providers will also want to know how much you are paying out on other existing debts - if you have lots of them, they may well refuse you a personal loan, even when your score is adequate. This is since they may feel that you would be exceeding your financial ability with a further debt to deal with.
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