Consolidation Loans Rebate
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When you fill out an application for any kind of credit or personal loan, it is not a simple case of the loan company accepting or rejecting your request by chance - it all comes down to your credit rating.
Your credit rating is a financial reflection of your credit risk - specifically, whether a lender should give you a personal loan or not, completely based on whether you are considered a favourable or unfavourable credit risk. Your credit report - which is kept by all the main credit reference agencies, like Experian and Equifax - discloses any credit you have had in the past (as far back as six years), as well as ongoing responsibilities.
When you make an application for a personal loan, the loan provider will perform a credit search - and will appoint you a credit rating calculated from the facts shown in your record. If you have many debts - and notably if you have failed to make repayments or made them late - you will have a low credit rating.
The lesser your credit score, the less chance you have of being accepted for credit due to the fact that a low score suggests there is a higher risk of you failing to pay off your debt on time.
It also indicates whether you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it can alter your potential for qualifying for credit, since your place of residence is not 'substantiated'. A financial association is a person with whom you have been financially connected, currently or at some other time. It could be a past partner, either of your parents, or perhaps somebody who lived at your place of residence before you did and whose information is not yet deleted from your credit record.
If the person or people listed as a financial association are not in any way associated with you - i.e. you no longer have common financial obligations and the person is not presently living where you do - then you can ask that the credit record agency erase the incorrect details.
Continuing to have them on your credit file - especially if they have a record of financial difficulty in the past - can have a damaging impact on you getting any credit.
When making a decision to approve credit, loan companies will also examine how much you are paying on additional debts - if you have too many, they may well turn you down for credit, even if your credit score is sufficient. This is since they might consider you to be financially overstretched with yet another debt to cover.
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