Are you registered to vote in the UK? It could help your credit report.
The EU referendum takes place on 23 June, and you must have registered on the electoral roll by 7 June in order to be eligible to vote in it. For a postal vote, your application needs to arrive by 5pm on 8 June, while the proxy vote (someone else voting on your behalf) deadline is 5pm on 15 June.
If you have recently moved to the UK, or moved back after a spell abroad, you may be wondering what you can do to start to grow your Experian Credit Score.
You may even be looking to spread your wings and move abroad, and wondering how this will impact your score.
Due to the differences in data protection laws between countries we are some way off having a “global” credit score, we at Experian in the UK only hold information relating to individuals at UK addresses and so moving to or from a new country will mean starting your credit history afresh.
We’ve put together some tips on what you can do to get started on building your credit history.
If you’re…..moving to the UK for the first time
Firstly, you will need to start building your credit history. For those that have moved from another EU country, then the first step to take would be to register on the electoral roll.
EU citizens can vote in EU elections, and registering at your current address on the voters roll will help when you apply for credit, as lenders often use this to help confirm the ID of their applicant. You can find out more about registering to vote at www.aboutmyvote.co.uk
If you are not able to register to on the electoral roll, you can add a note to your credit report (once you have obtained a copy of your credit report) to explain this, called a Notice Of Correction.
Many banks now share information relating to current accounts with overdrafts, so speaking to your bank about such an account could be the next step towards building up your credit history.
As your accounts become more established, lenders will be able to use the information to help make their lending decisions.
If you’re…..moving back to the UK We hold information on closed accounts for six years, so when moving back from a spell abroad there may still be information on your credit report, depending on how long you have been away.
To check for any old information, make sure you supply your old UK address in your application when it asks for a previous address.
If you’re …..moving to another country from the UK ~
As information on your UK credit report is for use within the UK only, we can’t supply your UK credit report to any countries outside of the UK.
If you are moving abroad, you may want to get a copy of your credit report to take with you when you go. This way you would be able to provide a potential lender with your UK credit report yourself should they wish to see it.
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. For more information on how to improve your Experian Credit Score, here are our top 5 tips.
Bite The Ballot, a youth-led grassroots campaign formed in 2010, runsNational Voter Registration Drive, and last year’s campaign saw a world-record breaking 441,500 people registered to vote.
Are the young registering to vote? New Experian research has found that the number of people in the UK who will turn 18 this year on the electoral roll fell by 1.69 per cent compared to 2015’s coming of age voters. 56.7% of local authorities have seen the number fall this year. Continue reading →
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.
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. Continue reading →
Lenders will often use the electoral roll information on your credit reportto help confirm your ID when you apply for credit. If you are not registered they may ask for further documents or even turn down an application completely.
So how long will it take after you have registered?
It will actually depend on the time of year. From December to August local authorities publish a monthly register, known as a rolling register.
We get the rolling registers each month and update the information on reports as quickly as we can. Continue reading →
Are you registered to vote in the UK? April 20th was the deadline to register to vote in order to be eligible to vote in the general election, which is just days away now on May 7th. And did you know that being on the Electoral Roll also could help improve your credit rating?
Here are five things you should know about registering to vote:
1. How can it help improve your credit rating? It’s important that your credit report includes your Electoral Roll details, as lenders use this information to help confirm your name, address and where you’ve lived before. 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. Continue reading →
Being able to vote could potentially help you get credit
With the general election just months away, the leading names are jostling for position as they covet our votes.
But many of us won’t even be able to vote in it, unless we get on the electoral roll – and not doing so could also affect your credit rating.
Today (5th February) is National Voter Registration Day, a day that marks the anniversary of the Great Reform Act in 1832 which first introduced voter registration. The aim for this day is to get 250,000 more young people on to the electoral register, as young people are very much under-represented at present. Continue reading →
It’s important that your credit reportincludes your electoral roll details because lenders use this information to help confirm your name, address and residential history.
Not being registered could therefore cause a delay when you apply for credit, while the lenders confirm your details some other way. With some lenders it can even hurt your credit score, and some applications may even be refused.
Banks and building societies usually need to know that the information about you is up to date before they are willing to offer a mortgage, a loan or any other form of financial account. Maintaining your presence on the electoral roll is therefore particularly important.
If you are unsure whether you are registered or not, or would like to register for the first time, you could visit the About My Vote website, type in your home postcode and complete your local authority’s form.