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When you fill out an application for any type of personal loan, it is not simply a matter of the lender giving approval or denial on the spur of the moment - it all comes down to your credit rating.
Your credit score is a financial measurement of the risk you pose - specifically, whether a lender should lend to you or whether they shouldn't, entirely determined by whether you are evaluated as a favourable or unfavourable credit risk. Your credit report - which is held by all the leading credit record agencies, such as Experian and Equifax - presents the credit you have had in the past (going back 6 years), including any present commitments.
When you apply for a personal loan or credit of any kind, the loan company will perform a credit search - and will assign you a credit rating drawn from the details recorded in your file. When you have a large number of debts - and notably if you have missed repayments or have been late with them - you will get an unfavourable credit rating.
The smaller your credit rating, the less likelihood you have of being accepted for credit since a smaller credit rating means that there is a high risk of you not covering your debt when it is due.
It also verifies whether you are on the electoral roll as well as any financial associations. If you are not on the electoral roll, it can have an impact on your chances of getting credit, because your place of residence is not 'proven'. A financial association is a person with whom you have been financially linked, now or at some time in the past. It might be a previous partner, your mother or father, or maybe even somebody who lived at your place of residence prior to you and whose information is not yet erased from your credit file.
If the individual or people listed as a financial association are not in any way associated with you - i.e. you have no joint financial responsibilities and the person is not living in the same place as you - then you may request that the credit recording agency correct the wrong information.
Leaving them on your credit record - in particular if they have experienced financial trouble in the past - can have an adverse impact on you obtaining any credit.
When determining whether to approve credit, loan providers will also examine what amount of money you are paying out on additional debts - if you have lots, they may deny you a personal loan, even if your credit rating is good. This is since they could determine you as overstretched with another debt to meet.
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