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Whenever you apply for any kind of credit or personal loan, it's not simply a question of the loan company giving a 'thumbs up' or 'thumbs down' arbitrarily - it all focuses on your credit rating.
Your score is a financial measurement of your credit risk - that is to say, whether a loan provider should lend to you or whether they shouldn't, entirely decided by whether you are deemed as a favourable or unfavourable risk. Your credit record - which is kept by all the major credit referencing agencies, for example, Equifax and Experian - outlines the credit you have had in the past (going back six years), in addition to current responsibilities.
When you attempt to get a personal loan, the loan company will do a credit search - and will appoint you a credit score determined from the information recorded in your file. When you have a large number of debts - and notably if you have lapsed on payments or have paid them late - you will be assigned an adverse credit score.
The lesser your credit score, the less likelihood you have of being given credit as a low credit rating is seen as a higher risk of you not paying your debt back on time.
It also confirms whether you are on the electoral roll and any financial associations. If you are not on the electoral roll, it can be detrimental for your chances of getting credit, as your place of residence is not 'proved'. A financial association is a person with whom you have been financially associated, at present or in the past. It could be a previous partner, either of your parents, or possibly a person who lived at your home address before you did and who has not been erased from your credit record.
If the individual or people listed as a financial association are in no way associated with you - i.e. you have no mutual financial obligations and they are not presently living where you do - then you may request that the credit recording agency correct the information.
Leaving them on your file - especially when they have had financial struggles at some time - can have an adverse impact on you accessing any credit.
When deciding on whether to approve a personal loan, loan providers will also determine what else you are paying on additional debts - if you have lots, they might well say \'no\' to a personal loan, even if your credit score is sufficient. This is as they may think that you will be financially overburdened with yet another debt to meet.
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