Offering Secured Loan
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When you fill out an application for credit, it is not simply a matter of the loan company giving a 'thumbs up' or 'thumbs down' on a whim - it is all a matter of your credit rating.
Your credit rating is a financial reflection of the risk you pose - that is to say, whether a lender should lend you money or shouldn't, all determined by whether you are deemed as an acceptable or unacceptable risk. Your credit report - which is held by all the main credit reference agencies, for example, Equifax and Experian - indicates the credit you have had in your history (extending back for the last 6 years), as well as present obligations.
When you make a request for a personal loan or credit of any kind, the loan provider will perform a credit search - and will assign you a credit score derived from the facts within your file. When you have a lot of debts - and notably if you have neglected repayments or have been overdue with them - you will receive a low credit score.
The smaller your credit rating, the less chance you have of being granted credit because a smaller rating indicates there is a greater likelihood of you not settling your debt on time.
It also shows if you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can affect your potential for being given credit, since your home address is not 'proven'. A financial association is anyone with whom you have been financially associated, currently or at some other time. This might be an ex-partner, your mother or father, or possibly somebody who lived at your place of residence previously and has not been erased from your record.
If the people included as a financial association are not associated to you - i.e. you no longer have mutual financial commitments and they are not living with you - then you may request that the credit recording agency correct the wrong information.
Keeping them on your credit file - in particular when they have had financial trouble previously - can have a harmful influence on you receiving any credit.
When making a decision to approve a personal loan, loan companies will also want to know what amount you are spending on any other debts you have - if you have too many, they may deny you credit, even when your rating is sufficient. This is as they could think that you will be financially overburdened with yet another debt to service.
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