Failure To Pay Monthly Payment On Secured Loans
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When you are applying for a personal loan, it is not simply a matter of the lender giving a 'thumbs up' or 'thumbs down' on a whim - it is all about your credit scoring.
Your credit score is a financial footprint of your credit risk - that is, whether a loan provider should lend you money or whether they shouldn't, completely based on whether you are considered a favourable or unfavourable credit risk. Your credit record - which is kept by all the major credit reference agencies, for example, Equifax and Experian - indicates the credit you have had before (extending back six years), including any present credit.
When you make a request for any kind of credit, the loan company will do a credit search - and will appoint you a credit rating drawn from the data from your credit record. When you have a large number of debts - and particularly if you have failed to make repayments or have been late with them - you will end up with a poor credit rating.
The lower your credit score, the fewer the possibilities for being accepted for credit as a smaller score is seen as a greater chance of you not paying your debt back on time.
It also confirms if you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can alter the likelihood of you being accepted for credit, since your place of residence is not 'substantiated'. A financial association is anyone with whom you have been financially associated, presently or at some time in the past. It might be an ex-partner, your parents, or maybe even a person who lived at your address prior to you and who has not been erased from your file.
If the people listed as a financial association are in no way associated with you - i.e. you don't have any mutual financial responsibilities and the person is no longer living with you - then you can ask that the credit reference agency correct the information.
Continuing to have them on your credit record - particularly when they have had financial trouble before - can have a damaging impact on you obtaining any credit.
When making a decision to approve a personal loan, loan companies will also want to know what amount of money you are paying out on any other debts you have - if you have a large number, they may well decline you for a personal loan, even when your credit score is okay. This is because they may determine you as financially overburdened with yet another debt to meet.
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