Consumer Credit Act Secured Loans
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Whenever you apply for credit, it is not simply a matter of the loan provider accepting or rejecting you on the spur of the moment - it is all a question of your credit rating.
Your credit rating is a financial footprint of the credit risk you pose - that is to say, whether a creditor should lend to you or not, completely decided by whether you are seen as a reasonable or unreasonable credit risk. Your credit report - which is kept by all the principal credit record agencies, for example, Experian and Equifax - shows what credit you have had before now (extending back six years), plus ongoing commitments.
When you make a request for a personal loan or credit of any kind, the loan provider will initiate a credit search - and will appoint you a credit score drawn from the facts found in your file. When you have lots of debts - and especially if you have lapsed on payments or made them late - you will receive an adverse credit score.
The lower your credit rating, the less chance you have of obtaining credit due to the fact that a small credit score means that there is a greater chance of you failing to pay off your debt on time.
It also verifies if you are on the electoral roll and any financial associations. If you are absent from the electoral roll, it can be detrimental for your potential for being given credit, because your place of residence is not 'substantiated'. A financial association is anyone with whom you have been financially associated, at present or in the past. This could be a previous partner, either of your parents, or maybe even someone who lived at your home address prior to you and whose information is not yet erased from your record.
When the individual or people included as a financial association are in no way associated with you - i.e. there are no current joint financial obligations and the person is no longer living with you - then you should request that the credit recording agency correct the information.
Leaving them on your credit file - especially if they have experienced financial struggles previously - can have a damaging influence on you accessing any credit.
When determining whether to approve credit, lenders will also look to see what else you are paying on additional debts - if you have a large number, they could deny you a personal loan, even if your score is good. This is because they could feel that you would be exceeding your financial limits with a further debt to service.
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