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When you apply for a personal loan, it's not just a case of the loan provider giving a 'thumbs up' or 'thumbs down' arbitrarily - it all comes down to your credit rating.
Your score is a financial picture of your credit risk - specifically, whether a lender should offer you a personal loan or should not, all decided by whether you are evaluated as a favourable or unfavourable risk. Your credit report - which is on file with all the main credit referencing agencies, like Experian and Equifax - outlines any credit you have had in the past (extending back six years), including any existing commitments.
When you make an application for credit, the loan provider will perform a credit search - and will allocate you a credit score established from the information within your credit record. Should you have a large number of debts - and in particular if you have not made repayments or have been overdue with them - you will be assigned a low credit score.
The smaller your credit score, the less likelihood you have of getting credit since a low credit rating is interpreted as a greater likelihood of you not settling your debt on time.
It also verifies whether you are on the electoral roll plus any financial associations. If you are absent from the electoral roll, it can alter your prospects of qualifying for credit, because your home address is not 'confirmed'. A financial association is anybody with whom you have been financially connected, currently or at some other time. It might be a past partner, either of your parents, or even a person who lived at your address prior to you being there and who has not been eliminated from your record.
When the individual or people who are considered a financial association are not associated to you - i.e. you don't have any common financial commitments and they are sharing a home with you - then you can request that the credit referencing agency erase the incorrect details.
Not removing them from your file - in particular when they have had financial problems in the past - can have a detrimental impact on you receiving any credit.
When determining whether to approve credit, loan companies will also want to know what else you are spending on other existing debts - if you have lots of them, they could reject your request for credit, even when your credit score isn't that low. This is as they might determine you as overstretched with an additional debt to cover.
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