Being Mis Sold A Secured Loan
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When anyone applies for any type of personal loan, it's not just a matter of the loan company giving approval or denial randomly - it is all a question of your credit rating.
Your credit score is a financial picture of the credit risk you pose - that is to say, whether a creditor should give you a personal loan or should not, entirely based on whether you are considered a high or low credit risk. Your credit report - which is kept by all the leading credit record agencies, like Equifax and Experian - indicates any credit you have had in the past (going back six years), as well as current obligations.
When you make an application for a personal loan, the lender will initiate a credit search - and will give you a credit rating determined from the information found in your credit record. When you have a large number of debts - and especially if you have lapsed on repayments or made them late - you will have an adverse credit score.
The lesser your credit score, the fewer the possibilities for being given credit since a small credit rating means that there is a greater chance of you not paying your debt back on time.
It also shows whether you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it can have an impact on the likelihood of you obtaining credit, since your address is not 'proven'. A financial association is someone with whom you have been financially connected, presently or in the past. This might be a past partner, your parents, or maybe even somebody who lived at your home address prior to you being there and whose information is not yet removed from your file.
If the individual or people named as a financial association are no longer associated to you - i.e. there are no current connected financial commitments and they are not living in the same place as you - then you can ask that the credit referencing agency erase the incorrect details.
Keeping them on your credit record - particularly if they have experienced financial problems before - can have an adverse affect on you obtaining any credit.
When making a decision to approve a personal loan, lenders will also determine what else you are spending on any other debts you have - if you have lots, they could say \'no\' to credit, even when your credit rating is sufficient. This is because they could feel that you would be financially overstretched with another debt to service.
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