Credit And Loan Info Site
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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 accepting or rejecting your request on the spur of the moment - it is all a matter of your credit rating.
Your credit rating is a financial picture of the credit risk you present - i.e. whether a loan company should give you credit or not, all based on whether you are seen as a high or low credit risk. Your credit report - which is held by all the leading credit referencing agencies, for example, Experian and Equifax - outlines any type of credit you have had in your history (extending back for the last 6 years), plus present debts.
When you fill out an application for credit, the lender will execute a credit search - and will appoint you a credit rating drawn from the data from your credit file. If you have many debts - and notably if you have ignored payments or made them late - you will end up with a low credit score.
The lower your credit rating, the less chance you have of being given credit due to the fact that a smaller credit rating suggests there is a greater chance 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 you are not on the electoral roll, it can alter the likelihood of you obtaining credit, since your home address is not 'substantiated'. A financial association is anybody with whom you have been financially connected, at the present time or at some other time. It could possibly be a previous partner, your mother or father, or maybe even someone who lived at your home address before you and whose name is not yet erased from your credit record.
If the people listed as a financial association are no longer associated to you - i.e. you have no joint financial responsibilities and the person is not living with you - then you can request that the credit referencing agency have the details removed.
Keeping them on your record - especially if they have a record of financial struggles at some time - can have an adverse impact on you accessing any credit.
When making a decision to approve credit, loan companies will also examine what amount you are paying on other debts - if you have a lot, they may reject your request for credit, even when your credit rating isn't that low. This is as they could consider you to be exceeding your financial limits with yet more debt to service.
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