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Whenever you apply for any kind of credit or personal loan, it's not just a case of the loan provider giving approval or denial on a whim - it is all down to your credit scoring.
Your credit score is a financial reflection of your credit risk - that is, whether a creditor should offer you a personal loan or shouldn't, entirely based on whether you are regarded as a favourable or unfavourable credit risk. Your credit report - which is kept by all the leading credit reference agencies, for instance, Equifax and Experian - discloses what credit you have had in your history (extending back for the last 6 years), as well as existing obligations.
When you make an application for credit, the loan provider will initiate a credit search - and will give you a credit rating derived from the information shown in your record. If you have a lot of debts - and particularly if you have lapsed on repayments or have been late with them - you will receive an unfavourable credit rating.
The smaller your credit score, the fewer the possibilities for being accepted for credit as a smaller credit score indicates there is a greater chance of you failing to pay off your debt on time.
It also confirms whether you are on the electoral roll as well as any financial associations. If you do not appear on the electoral roll, it can alter your potential for being given credit, as your home address is not 'verified'. A financial association is a person with whom you have been financially associated, at present or at some time in the past. It might be a past partner, either of your parents, or even a person who lived at your home address prior to you and who has not been removed from your file.
If the person or people who are considered a financial association are in no way associated with you - i.e. you have no joint financial responsibilities and they are not living with you - then you may ask that the credit referencing agency correct the wrong information.
Not removing them from your credit record - in particular if they have experienced financial struggles at some time - can have an adverse impact on you getting any credit.
When considering approving a personal loan, loan providers will also want to know what amount you are spending on additional debts - if you have a large number, they might say \'no\' to credit, even if your credit score is not so bad. This is since they may think that you will be financially overstretched with yet more debt to deal with.
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