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When you are applying for any form of credit, it is not a simple case of the creditor approving or declining you randomly - 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 give you credit or not, all decided by whether you are seen as a high or low credit risk. Your credit record - which is on file with all the leading credit record agencies, for instance, Experian and Equifax - discloses the credit you have had before (going back 6 years), as well as ongoing obligations.
When you make an application for a personal loan or credit of any kind, the loan provider will do a credit search - and will assign you a credit rating drawn from the information in your credit file. When you have a lot of debts - and notably if you have not made repayments or have paid them late - you will end up with a low credit rating.
The lesser your credit rating, the more difficulty you will have being granted credit because a smaller credit rating indicates there is a high risk of you failing to pay off your debt on time.
It also verifies if you are on the electoral roll as well as any financial associations. If you are not showing on the electoral roll, it can affect the likelihood of you being given credit, because your home address is not 'substantiated'. A financial association is someone with whom you have been financially connected, at present or in the past. This could be an ex-partner, your mother or father, or maybe even anyone who lived at your home address before you did and has not been eliminated from your credit record.
When the people included as a financial association are not in any way associated with you - i.e. you no longer have connected financial commitments and they are no longer living with you - then you may request that the credit recording agency correct the information.
Continuing to have them on your credit file - particularly if they have gone through financial struggles before - can have an adverse influence on you accessing any credit.
When looking at approving credit, lenders will also look to see how much you are paying on other debts - if you have lots of them, they could turn you down for a personal loan, even when your rating is not so low. This is since they might determine you as overstretched with yet another debt to meet.
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