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When you apply for a loan, it's not just a matter of the lender saying ‘yes’ or ‘no’ randomly - it is all a question of your credit rating.
Your score is a financial measurement of the risk you pose - specifically, whether a loan company should lend you money or shouldn't, all determined by whether you are evaluated as a high or low risk. Your credit record - which is on file with all the principal credit record agencies, for example, Equifax and Experian - discloses what credit you have had before (going back as far as six years), plus present credit.
When you make a request for credit, the loan company will initiate a credit search - and will allocate you a credit score calculated from the facts from your credit record. If you have a lot of debts - and particularly if you have not made repayments or have paid them late - you will be assigned an adverse credit score.
The smaller your credit rating, the less chance you have of obtaining credit because a small score means that there is a high risk of you not paying your debt back 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 alter the likelihood of you getting credit, because your home address is not ‘verified'. A financial association is a person with whom you have been financially associated, at the present time or before. It could possibly be a previous partner, your mother or father, or even someone who lived at your place of residence before you and who is still not eliminated from your file.
If the people included as a financial association are not presently associated with you - i.e. you don't have any common financial responsibilities and they are sharing a home with you - then you may ask that the credit reference agency erase the incorrect details.
Not removing them from your file - in particular if they have gone through financial difficulty previously - can have a damaging impact on you obtaining any credit.
When considering approving credit, loan providers will also determine what amount you are spending on other debts - if you have lots of them, they might turn you down for a loan, even if your score is not so bad. This is because they might feel that you would be financially overburdened with yet more debt to cover.
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