Adverse Credit Secured Loans
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When you fill out an application for a personal loan, it's not just a case of the loan provider giving approval or denial on a whim - it all focuses on your credit scoring.
Your score is a financial reflection of the risk you pose - that is, whether a creditor should offer you a personal loan or should not, entirely determined by whether you are seen as an acceptable or unacceptable credit risk. Your credit report - which is kept by all the principal credit record agencies, for example, Equifax and Experian - presents the credit you have had in your history (going back six years), including any current credit.
When you make a request for any kind of credit, the lender will perform a credit search - and will appoint you a credit score derived from the details in your file. When you have a large number of debts - and especially if you have failed to make payments or have paid them late - you will get an adverse credit score.
The lesser your credit rating, the less chance you have of being accepted for credit as a smaller credit rating is interpreted as a higher risk of you failing to pay back on time.
It also confirms if you are on the electoral roll as well as any financial associations. If your information is not included on the electoral roll, it can have an impact on your chances of being given credit, as your address is not 'verified'. A financial association is anyone with whom you have been financially linked, now or in the past. It might be a previous partner, your parents, or perhaps anyone who lived at your place of residence previously and who is still not erased from your record.
In the event the people named as a financial association are not associated to you - i.e. you have no joint financial commitments and they are not living in the same place as you - then you can request that the credit referencing agency remove the details.
Not removing them from your credit record - in particular if they have a record of financial problems in their history - can have a damaging influence on you accessing any credit.
When deciding on whether to approve credit, lenders will also consider how much you are spending on additional debts - if you have lots of them, they could say \'no\' to a personal loan, even when your credit score is adequate. This is as they might feel that you would be exceeding your financial ability with another debt to meet.
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