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When you fill out an application for a personal loan, it's not just a case of the loan company accepting or rejecting you by chance - it is all down to your credit rating.
Your credit score is a financial picture of the credit risk you present - that is to say, whether a loan provider should offer you a personal loan or whether they shouldn’t, solely determined by whether you are deemed as an acceptable or unacceptable risk. Your credit report - which is held by all the principal credit reference agencies, like Equifax and Experian - shows the credit you have had before (going back six years), plus current commitments.
When you attempt to get credit, the loan provider will do a credit search - and will give you a credit score based on the facts found in your record. When you have lots of debts - and especially if you have neglected payments or have been late with them - you will be assigned a low credit score.
The lesser your credit score, the less likelihood you have of getting credit due to the fact that a small rating indicates there is a higher risk of you not covering your debt when it is due.
It also confirms whether you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it can alter your chances of being given credit, as your address is not ‘proved’. A financial association is a person with whom you have been financially connected, at present or at some other time. It could possibly be an ex-partner, either of your parents, or possibly anyone who lived at your address prior to you and who is still not eliminated from your record.
In the event the person or people listed as a financial association are not presently associated with you - i.e. you no longer have connected financial responsibilities and they are sharing a home with you - then you may request that the credit record agency erase the incorrect details.
Keeping them on your file - in particular if they have experienced financial problems at some time - can have an adverse impact on you accessing any credit.
When looking at approving credit, loan providers will also determine what amount of money you are spending on any other debts you have - if you have lots, they could deny you credit, even if your credit rating is sufficient. This is because they might think that you will be overstretched with a further debt to deal with.
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