Default On Secured Loan
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When you fill out an application for a personal loan, it's not simply a question of the lender giving a 'thumbs up' or 'thumbs down' on an impulse - it is all down to your credit rating.
Your credit rating is a financial measurement of the risk you pose - that is, whether a lender should offer you a personal loan or shouldn't, completely determined by whether you are deemed as a reasonable or unreasonable credit risk. Your credit report - which is kept by all the major credit referencing agencies, such as Experian and Equifax - indicates any credit you have had in the past (going back 6 years), plus ongoing credit.
When you attempt to get any sort of credit, the lender will carry out a credit search - and will allocate you a credit rating derived from the details shown in your record. In the event you have a lot of debts - and notably if you have neglected repayments or have been overdue with them - you will get an unfavourable credit rating.
The lower your credit score, the fewer the possibilities for obtaining credit because a smaller rating means that there is a greater chance of you not covering your debt when it is due.
It also verifies whether you are on the electoral roll plus any financial associations. If you do not appear on the electoral roll, it might affect your chances of getting credit, as your home address is not 'proven'. A financial association is a person with whom you have been financially connected, at the present time or before. It might be an ex-partner, your mother or father, or perhaps somebody who lived at your place of residence prior to you being there and who is still not removed from your file.
If the person or people who are considered a financial association are no longer associated to you - i.e. you don't have any joint financial obligations and they are sharing a home with you - then you can ask that the credit recording agency erase the incorrect details.
Leaving them on your record - especially when they have had financial trouble at some time - can have a negative affect on you receiving any credit.
When determining whether to approve credit, loan companies will also want to know what amount of money you are spending on other existing debts - if you have a lot, they might well say \'no\' to a personal loan, even if your credit rating is not so bad. This is because they could deem you to be financially overstretched with a further debt to meet.
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