Consolidated Loan Service
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Whenever you apply for credit, it's not simply a question of the loan provider giving a 'thumbs up' or 'thumbs down' on a whim - it all focuses on your credit scoring.
Your credit score is a financial footprint of the risk you pose - that is to say, whether a loan provider should give you a personal loan or not, all decided by whether you are seen as a favourable or unfavourable risk. Your credit report - which is held by all the leading credit reference agencies, like Equifax and Experian - shows any type of credit you have had before now (going back as far as 6 years), plus present obligations.
When you attempt to get a personal loan or credit of any kind, the loan company will carry out a credit search - and will allocate you a credit rating determined from the information within your file. When you have many debts - and particularly if you have ignored payments or have paid them late - you will be assigned an unfavourable credit score.
The lesser your credit score, the less likelihood you have of getting credit since a smaller credit score suggests there is a higher risk of you not covering your debt when it is due.
It also verifies whether you are on the electoral roll and any financial associations. If you do not appear on the electoral roll, it might affect the likelihood of you getting credit, because your home address is not 'substantiated'. A financial association is someone with whom you have been financially linked, at present or at some other time. It could be a previous partner, your father or mother, or even a person who lived at your place of residence previously and whose name is not yet erased from your file.
When the person or people who are considered a financial association are in no way associated with you - i.e. you no longer have joint financial commitments and they are not living in the same place as you - then you can request that the credit referencing agency have the details removed.
Continuing to have them on your credit record - in particular if they have a record of financial struggles in their history - can have a negative impact on you obtaining any credit.
When looking at approving credit, loan companies will also want to know what sum of money you are spending on other debts - if you have a large number, they might decline you for a personal loan, even when your credit rating isn't that low. This is as they might feel that you would be exceeding your financial ability with another debt to deal with.
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