Explain A Long Term Loan Agreement
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When you fill out an application for any kind of credit or personal loan, it's not just a matter of the loan provider saying 'yes' or 'no' by chance - it is all a question of your credit rating.
Your score is a financial reflection of the risk you pose - i.e. whether a lender should lend you money or not, completely based on whether you are evaluated as a high or low risk. Your credit record - which is held by all the leading credit referencing agencies, such as Equifax and Experian - presents whatever credit you have had in your history (as far back as six years), in addition to existing credit.
When you attempt to get a personal loan or credit of any kind, the loan company will perform a credit search - and will allocate you a credit score derived from the data from your credit file. In the event you have many debts - and in particular if you have not made repayments or have been late with them - you will be assigned an unfavourable credit score.
The lesser your credit score, the fewer the possibilities for being accepted for credit since a low credit rating means that there is a greater chance of you not settling your debt on time.
It also shows whether you are on the electoral roll plus any financial associations. If you are not showing on the electoral roll, it might affect your chances of getting credit, since your place of residence is not 'proven'. A financial association is anyone with whom you have been financially linked, currently or at some other time. This might be a previous partner, your parents, or maybe even anyone who lived at your address before you and whose name is not yet deleted from your file.
When the person or people named as a financial association are not associated to you - i.e. you have no common financial commitments and they are not living in the same place as you - then you can request that the credit recording agency remove the details.
Continuing to have them on your file - in particular if they have experienced financial problems in their history - can have a damaging affect on you receiving any credit.
When determining whether to approve a personal loan, lenders will also consider how much you are spending on other debts - if you have lots, they may well refuse you a personal loan, even when your credit rating is not so bad. This is because they might think that you will be exceeding your financial limits with yet another debt to deal with.
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