Everyone 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. Some simple steps can help you improve your credit score:
Stay within credit limits and keep balances low – The lower your overall balances (not including mortgage), the better.
Try not to make too many applications for credit – each application is recorded on your credit report – the fewer you’ve made in the last 6 months, the better.
Make sure all bills are paid on time – Missed or late payments can have a big impact, but paying on time can really help your score.
Register to vote at your current address – lenders use the electoral roll to help confirm who you are and where you live.
Review your credit report regularly – make sure it’s up to date and in good shape for when you’re ready to apply for credit.
It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply.
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 →