Consolidation Loan Company
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When you are applying for any kind of credit or personal loan, it's not just a matter of the loan company giving approval or denial by chance - it all comes down to your credit scoring.
Your credit rating is a financial picture of your credit risk - that is, whether a loan company should give you a personal loan or not, entirely determined by whether you are seen as a high or low risk. Your credit report - which is on file with all the leading credit record agencies, like Experian and Equifax - shows whatever credit you have had before (going back six years), as well as present commitments.
When you attempt to get a personal loan, the lender will perform a credit search - and will appoint you a credit score derived from the details in your credit record. Should you have a lot of debts - and particularly if you have failed to make repayments or have been overdue with them - you will be assigned a low credit rating.
The lesser your credit score, the less likelihood you have of being granted credit because a small score indicates there is a higher risk of you not settling your debt on time.
It also confirms whether you are on the electoral roll as well as any financial associations. If your information is not included on the electoral roll, it can alter your prospects of qualifying for credit, since your address is not 'substantiated'. A financial association is anyone with whom you have been financially linked, currently or at some other time. It could be a past partner, your father or mother, or maybe even somebody who lived at your home address previously and whose information is not yet eliminated from your credit file.
If the individual or people mentioned as a financial association are not presently associated with you - i.e. there are no current joint financial obligations and they are no longer living with you - then you may request that the credit recording agency remove the details.
Not removing them from your credit record - especially if they have a record of financial difficulty before - can have a damaging affect on you getting any credit.
When making a decision to approve a personal loan, loan companies will also look to see how much you are paying out on other existing debts - if you have lots, they might decline you for a personal loan, even if your score is okay. This is because they could determine you as financially overburdened with a further debt to service.
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