Tag Archives: how to improve credit rating

5 things to know about registering to vote

Are you registered to vote in the UK? Yesterday Prime Minister Theresa May announced a General Election to take place on 8 June. To be eligible to vote, it’s likely you’ll need to register by midnight Monday 22 May. And did you know that being on the Electoral Roll could also help improve your credit score?

Here are five things you should know about registering to vote:

1.            How registering to vote could help improve your credit score. 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

Grow your credit score if you’re moving to or from the UK

By Neil Stone, Experian UK Social Support team

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.

Experian Credit Score top tip 5 of 5: Review your credit report regularly

tip 5 - 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.

Reviewing your credit report can help you look after your finances better. The data & information held there summarises your credit history, so it can be worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit histories.

Video: 5 top tips to improve your Experian Credit Score

Lenders usually check your credit report when you apply for financial products, as it helps them decide whether to offer you the product and which terms to set, such as interest rates. Continue reading

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. Continue reading

Experian Credit Score top tip #3 of 5: Set up direct debit payments

tip 3  - 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.

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too. Continue reading

Experian Credit Score top tip #2 of 5: Space out credit applications

tip 2 - 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.

A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.

When you apply for credit, a ‘credit search’ is recorded on your report. Numerous credit applications can suggest you are over-reliant on credit to supplement your income. Continue reading

Experian Credit Score top tip #1 of 5: stay within credit limits

tip 1 - 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.

Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score. Continue reading

5 top tips to improve your Experian Credit Score

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.

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. 



It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply – and here are our
five top tips to help you do that.

Tip 1 – Stay within credit limits and keep balances low – The lower your overall balances (not including mortgage), the better. If you can afford to pay off a bit more debt and you want to improve your Experian Credit Score, reducing the balance on your credit cards and overdraft can be useful. Close unused credit accounts if you don’t use them anymore, as lenders can take into account the credit limits available to you, not just what you owe at the moment.

Tip 2 – Try not to make too many applications in a short space of time – A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.  Each application is recorded on your credit report and if lenders see lots in a short period, they could think that you’re desperate for credit or suspect fraud. 

Tip 3 – Set up direct debit payments to make sure credit bills are paid on time – Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score.  Regular payments on time can help build up a good credit account payment history. 

Helpful guides from Experian about credit scoring

Tip 4 – Register to vote at your current address – Lenders use the electoral register to help confirm who you are and where you live. 

Tip 5 – Review your credit report regularly – Make sure it’s up to date, and that the information on it is accurate. If you do find anything that needs correcting, contact the relevant lender and ask for an amendment – Experian can also raise a query on your behalf. Even small details like the way your name and address is recorded could have a significant impact. Also check your financial associations with other people.

Why your credit score matters – and 5 tips to improve it

Your credit score is often seen as the key that could unlock access to better credit deals, mortgage approvals & more. But who decides your credit score? And what are the factors that most affect it?

When you make an application for a loan, credit card, mortgage or other type of credit (such as a new utility contract or mobile-phone account), lenders look at your credit report to work out a credit score for you.  They do this so they can judge for themselves if they think you’ll be a responsible borrower and likely to repay what you owe them.

There is no ‘one’ universal credit score. Different lenders can score differently, using their own formulae based on their own factors – there really is no ‘magic number’.

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, and can give you an indication of what kind of loan you might get. Usually, a higher score means you’re seen as lower risk – meaning you’re more likely to get credit, and at better rates.

Your Experian Credit Score is not set in stone – it’s a living, breathing thing and it changes along with your own financial behaviour. Getting your credit score up could open up the potential chance to get better loans – and at better rates.

5 tips for improving your Experian Credit Score

  1. Do try to stay within your credit limits and do try to pay your credit bills on time. Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score.
  2. Credit scoring can also look at the average age of your accounts, so try not to chop and change all of your accounts on a regular basis.
  3. Review your credit report regularly: make sure it’s up to date, and that the information on it is accurate. If you do find anything that needs correcting, contact the relevant lender and ask for an amendment – Experian can also raise a dispute on your behalf. Even small details like the way your name and address is recorded could have a significant impact.  
  4. Don’t resort to a scattergun approach to credit applications, as each application is recorded on your credit report and if lenders see lots in a short period, they could think that you’re desperate or suspect a fraud.
  5. Make sure you register to vote at your current address, as lenders use the electoral register to help confirm who you are and where you live.

Talk to us
If you have questions you’d like answered about your Experian Credit Report and Score, our Twitter and Facebook customer service teams are online Monday to Friday 9am to 8pm. Saturdays 9am to 5pm.

You can also send in general credit or ID Fraud questions to James Jones, our Head of Consumer Affairs, who regularly answers queries on his popular Ask James column – a selection of which we regularly feature in this blog.