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When you are applying for any kind of credit or personal loan, it is not a simple case of the loan provider saying 'yes' or 'no' on an impulse - it is all a question of your credit scoring.
Your credit score is a financial measurement of your credit risk - that is, whether a loan provider should lend to you or whether they shouldn't, entirely based on whether you are evaluated as a reasonable or unreasonable credit risk. Your credit report - which is held by all the main credit reference agencies, for example, Equifax and Experian - outlines the credit you have had before now (extending back six years), as well as ongoing commitments.
When you make a request for any sort of credit, the loan provider will initiate a credit search - and will appoint you a credit score calculated from the facts in your file. When you have lots of debts - and in particular if you have ignored repayments or have paid them late - you will have an adverse credit score.
The smaller your credit score, the more difficulty you will have getting credit due to the fact that a small rating 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 on the electoral roll, it can affect the likelihood of you qualifying for credit, as your place of residence is not 'verified'. A financial association is anybody with whom you have been financially connected, at the present time or at some other time. It might be an ex-partner, either of your parents, or maybe even a person who lived at your address before you and has not been erased from your credit file.
When the person or people named as a financial association are in no way associated with you - i.e. you no longer have connected financial obligations and they are no longer living with you - then you can request that the credit record agency erase the incorrect details.
Not removing them from your record - particularly when they have had financial problems in the past - can have a detrimental influence on you getting any credit.
When considering approving a personal loan, lenders will also look to see what sum of money you are paying out on additional debts - if you have lots, they may turn you down for a personal loan, even if your rating is okay. This is since they might determine you as exceeding your financial ability with an additional debt to cover.
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