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When you fill out an application for any type of personal loan, it's not just a case of the loan company giving approval or denial arbitrarily - it all comes down to your credit scoring.
Your score is a financial measurement of your credit risk - i.e. whether a creditor should lend you money or not, solely determined by whether you are regarded as a favourable or unfavourable risk. Your credit report - which is kept by all the major credit reference agencies, like Equifax and Experian - indicates the credit you have had before (going back as far as 6 years), in addition to existing responsibilities.
When you make an application for credit, the lender will execute a credit search - and will appoint you a credit rating drawn from the data found in your credit record. In the event you have a lot of debts - and notably if you have not made payments or have been overdue with them - you will be assigned a low credit rating.
The lesser your credit score, the less chance you have of obtaining credit as a low credit score indicates there is a high risk of you not settling your debt on time.
It also confirms if you are on the electoral roll plus any financial associations. If you are absent from the electoral roll, it might affect your prospects of getting credit, as your home address is not 'verified'. A financial association is anyone with whom you have been financially connected, presently or in the past. This could be an ex-partner, your mother or father, or even anyone who lived at your home address prior to you and who is still not eliminated from your credit record.
If the people who are considered a financial association are in no way associated with you - i.e. you have no ongoing mutual financial responsibilities and the person is not presently living where you do - then you should request that the credit record agency erase the incorrect details.
Keeping them on your file - especially when they have had financial struggles in their history - can have a damaging impact on you accessing any credit.
When looking at approving credit, loan companies will also look to see how much you are spending on additional debts - if you have lots of them, they may well deny you a personal loan, even when your credit score is sufficient. This is as they might deem you to be financially overextended with an additional debt to service.
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