Debt Secure Loans
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When you fill out an application for any form of credit, it is not a simple case of the creditor accepting or rejecting you on a whim - it is all a matter of your credit rating.
Your credit rating is a financial footprint of the credit risk you pose - that is, whether a loan provider should lend you money or should not, entirely based on whether you are deemed as a favourable or unfavourable risk. Your credit record - which is held by all the leading credit reference agencies, for example, Experian and Equifax - discloses any type of credit you have had before (as far back as six years), including any ongoing debts.
When you attempt to get any sort of credit, the loan company will execute a credit search - and will allocate you a credit score determined from the data within your record. Should you have a lot of debts - and especially if you have ignored repayments or have paid them late - you will be assigned a poor credit rating.
The lesser your credit rating, the more difficulty you will have getting credit due to the fact that a low rating is interpreted as a greater likelihood of you failing to pay off your debt on time.
It also indicates if you are on the electoral roll plus any financial associations. If you do not appear on the electoral roll, it might affect your potential for getting credit, as your place of residence is not 'confirmed'. A financial association is anybody with whom you have been financially linked, currently or at some other time. It could be an ex-partner, your father or mother, or possibly anyone who lived at your home address before you did and whose name is not yet removed from your record.
In the event the individual or people named as a financial association are in no way associated with you - i.e. you don't have any joint financial responsibilities and the person is not living in the same place as you - then you may request that the credit reference agency have the details removed.
Continuing to have them on your credit file - particularly if they have gone through financial problems in the past - can have a damaging influence on you accessing any credit.
When considering approving credit, loan companies will also consider what amount of money you are paying on any other debts you have - if you have too many, they might be unwilling to give you a personal loan, even if your score is sufficient. This is as they might think that you will be exceeding your financial limits with a further debt to deal with.
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