The easy task could make it easier to get accepted for credit
A simple five-minute task could give your credit score a significant boost. That’s the advice from Martin Lewis‘ Money Saving Expert (MSE) team, who are urging people to “sign up” if they’ve yet to do so.
In a financial guidance post, MSE warns that failing to register on the electoral roll could be costing you. It states: “If you’re not on the electoral roll, it’s much harder to get accepted for credit, so sign up immediately. Don’t wait for the annual reminder or for the elections to roll around.” The process can be completed via the official Gov.uk website, MSE notes.
In England and Northern Ireland, you must be 16 or older to register, while in Scotland and Wales, you can register from age 14. The whole process should take no longer than 5 minutes.
MSE explains: “Simply follow the instructions online – it’ll ask you a series of questions aimed at identifying you, and the local electoral borough you need to register with. Note that you’ll need your national insurance number to hand. Many worry some councils sell on the data. But you can opt out of the open electoral register which can be used for marketing.”
It adds: “Credit reference agencies are allowed to use the full register which you can’t opt out of and that you should, by law, be on. The electoral roll can be a factor in scoring, but even where it isn’t, not being on it can lead to delays as lenders also use it to check your address and ID.
MSE continues: “It’s worth noting the credit scores sold to you by credit reference agencies may show you’ve a perfect score without being on the electoral roll. Don’t let that fool you into thinking not being registered won’t affect your ability to get credit. It will, because lenders also need to be sure you are who you say you are.”
For those ineligible to vote in the UK, a note can be added to your credit file to confirm proof of residency, reports the Express. According to MSE, you can “ask all three credit reference agencies to add a ‘notice of correction’ to your credit file. This will say that you can provide proof of residency, such as a bill or a UK driving licence, to lenders, who will see the note when assessing your application. They will then contact you to ask you to supply them.”
Credit reference agency Equifax recommends including something along these lines in your notice of correction:
“I, (full name), with date of birth (dd/mm/yyyy) am not on electoral register at my present address, because I’m not a British citizen. I’ve lived in my current address since (dd/mm/yyyy) and can provide utility bills or bank statements to prove this if needed. Please take this into account when searching my credit report.”
For further guidance on improving your credit score, the full article is available to read here.
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