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    Edmundo Daco Jr.

    If there is a mistake in your credit report, then there is a chance that your personal loan application will be rejected. There is also a chance that it will be approved but with a higher interest rate. Although some private lenders do give personal loans to individuals with limited or no credit at all, having a bad credit history and low credit score are different cases. They show that you are not good in paying back what you owe, and this is a big turn off to banks and lenders.

    You need to work on rectifying the mistake in your credit report, especially if it's regarding late payments or unpaid loans. Send a dispute letter right away to the credit bureaus and I'm sure there will something that can be done to correct the mistake. If you don't know how to correct the errors in your credit report, your can hire credit repair professionals to help you.

    Note: This is not a legal advice.

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