Experian Credit Score top tip #4 of 5: Register to vote at your current address

tip 4 - 600x300Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

Lenders use the electoral register to help confirm who you are and where you live.  This info usually has to be up to date before they are willing to offer a mortgage, a loan or any other form of financial account.

Watch video: How registering to vote can boost your credit rating

Being on the Electoral Roll makes it easier for banks and financial institutions to confirm your identity and not being registered will reduce your Experian Credit Score.

Not being registered could cause a delay when you apply for credit, while the lenders confirm your details some other way. With some lenders it may even hurt the credit score they give you, and some applications may even be turned down.

Between 1st and 7th February, National Voter Registration Drive aims to increase voter registration among the young – something that could also improve their chances of getting credit and a wide range of online services.

Once you’ve registered, it may take a little while for this information to appear on your credit report, as councils usually process updates to the Electoral Roll once a month and send the information to the credit reference agencies like Experian.

From mid-August to December local authorities start preparing the annual register, for every voter in the country, and during this time they will stop publishing monthly registers.

The annual register is published at the beginning of (usually 1st) December, and we then start updating our records, which we aim to complete by January. So if you register between August and November, your electoral information should show on your credit report by January the following year.

For more information about how to register to vote visit http://www.aboutmyvote.co.uk/

The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now.

Watch our new Experian CreditExpert TV ad here – and find out how we can help nurture and improve your Experian Credit Score

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