Debt Consolidation Loan Teacher
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When anyone applies for a personal loan, it is not simply a matter of the creditor approving or declining you by chance - it all comes down to your credit rating.
Your credit rating is a financial reflection of the risk you pose - specifically, whether a loan provider should give you credit or should not, completely determined by whether you are deemed as a favourable or unfavourable credit risk. Your credit record - which is on file with all the major credit record agencies, such as Experian and Equifax - outlines any type of credit you have had before now (going back as far as six years), plus ongoing obligations.
When you fill out an application for a personal loan, the lender will perform a credit search - and will give you a credit rating determined from the data within your credit file. If you have a large number of debts - and in particular if you have missed repayments or have been overdue with them - you will receive a poor credit rating.
The lesser your credit score, the more difficulty you will have being given credit because a low credit score is interpreted as a higher risk of you failing to pay off your debt on time.
It also indicates if you are on the electoral roll and any financial associations. If you do not appear on the electoral roll, it can be detrimental for your prospects of being given credit, because your place of residence is not 'confirmed'. A financial association is someone with whom you have been financially linked, presently or at some other time. This might be a previous partner, your parents, or possibly someone who lived at your address before you did and has not been eliminated from your record.
In the event the people mentioned as a financial association are in no way associated with you - i.e. you have no ongoing mutual financial obligations and the person is not living in the same place as you - then you should request that the credit referencing agency correct the information.
Not removing them from your credit record - particularly if they have a record of financial trouble at some time - can have a harmful affect on you receiving any credit.
When considering approving a personal loan, lenders will also consider what amount of money you are paying on additional debts - if you have a large number, they might well be unwilling to give you a personal loan, even if your credit rating is not so low. This is as they could feel that you would be financially overburdened with a further debt to cover.
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