Debt Consolidation Loans In UK
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When you fill out an application for any kind of credit or personal loan, it's not just a case of the lender giving a 'thumbs up' or 'thumbs down' arbitrarily - it all comes down to your credit rating.
Your credit score is a financial footprint of the risk you pose - that is to say, whether a loan company should offer you a personal loan or whether they shouldn't, solely determined by whether you are regarded as a favourable or unfavourable credit risk. Your credit record - which is on file with all the major credit record agencies, for instance, Equifax and Experian - outlines what credit you have had in your history (extending back 6 years), plus existing commitments.
When you make an application for credit, the lender will execute a credit search - and will appoint you a credit rating based on the information shown in your record. When you have many debts - and in particular if you have ignored payments or made them late - you will be assigned an unfavourable credit score.
The smaller your credit rating, the less likelihood you have of being given credit as a smaller credit rating is interpreted as a high risk of you not paying your debt back on time.
It also indicates 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 be detrimental for the likelihood of you qualifying for credit, since your address is not 'substantiated'. A financial association is anyone with whom you have been financially linked, presently or at some other time. This could be a past partner, your mum or dad, or even someone who lived at your place of residence prior to you and who is still not removed from your file.
When the person or people named as a financial association are no longer associated to you - i.e. you no longer have mutual financial obligations and the person is no longer living with you - then you may request that the credit recording agency have the details removed.
Continuing to have them on your credit file - in particular if they have a record of financial trouble before - can have a harmful affect on you getting any credit.
When deciding on whether to approve a personal loan, loan companies will also want to know what sum of money you are paying out on additional debts - if you have a large number, they might well deny you credit, even when your credit rating is not so low. This is since they could think that you will be financially overstretched with another debt to service.
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