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When you apply for credit, it's not just a matter of the lender accepting or rejecting you on an impulse - it is all down to your credit rating.
Your credit score is a financial indicator of the credit risk you pose - that is to say, whether a creditor should give you a personal loan or not, completely decided by whether you are evaluated as a high or low credit risk. Your credit record - which is held by all the main credit referencing agencies, like Experian and Equifax - presents any credit you have had in your history (extending back six years), plus existing debts.
When you make an application for any sort of credit, the lender will do a credit search - and will assign you a credit score determined from the facts recorded in your credit record. In the event you have numerous debts - and notably if you have failed to make repayments or have paid them late - you will have a low credit score.
The lesser your credit score, the fewer the possibilities for being granted credit as a smaller rating is interpreted as a greater likelihood of you failing to pay back on time.
It also confirms whether you are on the electoral roll and any financial associations. If your information is not included on the electoral roll, it can be detrimental for your potential for being given credit, since your place of residence is not 'proved'. A financial association is someone with whom you have been financially associated, at present or at some time in the past. This might be a past partner, your father or mother, or maybe even a person who lived at your place of residence previously and has not been erased from your record.
If the people mentioned as a financial association are not associated to you - i.e. you don't have any common financial obligations and they are not living with you - then you should ask that the credit recording agency correct the wrong information.
Keeping them on your credit record - especially if they have experienced financial struggles before - can have a harmful affect on you receiving any credit.
When considering approving a personal loan, loan companies will also look to see what amount you are spending on additional debts - if you have lots of them, they may well be unwilling to give you credit, even when your credit rating is good. This is because they could think that you will be exceeding your financial limits with yet another debt to meet.
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