Electoral Roll - Register to Vote Now!

Electoral Roll - Register to Vote Now!

Registering to Vote in the UK, Helps Your Credit Score. FACT!

One of the most powerful and quckest things you can do to improve your credit score is registering to vote. When you do this, through your local authority, you are put on the electoral roll. This is a very important step toward improving your credit score, and worth understanding in more detail. The electoral register is published by all councils, every year on the 1st December. These show who is registered to vote at each address in the UK.

Am I on the Electoral Register?

To understand if you are on the electoral roll, a quick way is to check your credit report, from Experian, Equifax or Callcredit. They have a section which explains whether you are on the electoral roll or not. Be advised however, some credit reference agencies update the fact you are on the electoral roll, quicker than others, for Experian tends to update this quicker than Equifax.

How to get on the Electoral Roll

To register on the Electorall roll just contact your local council, or look at their website on-line for more details, another helpful option is to start with www.aboutmyvote.co.uk. You can register to vote through your local authority or via the Electoral Commission website. Councils have a 'rolling register form' which you can fill in.

We recommend doing it as soon as possible. One of the best things about this, is that it really couldn’t be easier. In terms of results for effort, this ranks right up there. You’ll get a solid improvement in your credit score as soon as the credit agencies update their records, and it will take you minutes. Do it now by completing an electoral registration application on the Electoral Commission website. Then look into our dedicated aritcles that provide you with steps to improve your credit score in other ways.

Why Registering on the Electoral Roll Helps Your Credit Score?

Voting doesn’t help your credit score, but the register of electors or electoral roll is an important way for banks and lenders to understand two things about you. Firstly that you are a real person, and secondly that you live where you say. The electoral roll is a well maintained registry of residents entitled to vote. It is usually fairly accurate, because for voting purposes the Electoral Commission have to be sure that there is no voting fraud, due to duplicate entries or fake identities. More specifically, fraudsters don’t usually bother going to this sort of length just to rip you off. Registering for the electoral roll confirms identity and reduces the likelihood of you being a fake person.

Lending to People on the Voters Roll makes Financial Sense

Banks don’t care whether or not you actually vote. Lending to people that are registered to vote makes sense, because they represent a lower fraud risk.  Banks care about risk, and so must we. By registering to vote, you can improve your credit score by demonstrating that you are a real person, who represents a low flight risk.  It also shows that you intend to stay where were are living for some time. People that register to vote, don’t often move home the following week. They are there to stay for a while, this again produces what we call lending trust.

Stable Residential Histories Improve Credit Scores

People that move home often, don’t tend to register to vote.  People that move about a lot are associated with lost contact and greater financial risk to banks.  Again, banks don’t like risk, and when there is increased risk there are increase APR’s. So even if they do lend to you, it will be costing you more than it would if you were on the electoral roll.

Registering to vote, even if you have moved about more than most, still helps to assure lenders that you will not suddenly disappear off the map.  If you move home, register to vote when you sign up to a new gas and electricity supplier. It should be one of the first things you do.  If you have a history of registering to vote, the assumption is that you will again, which also gives banks hope that you’ll be “findable” in the future. Consider making certain applications before you move.

Lenders like to see three to four years at a residential address as this indicates stability. That is not easy in the modern day life for many people, so you can still improve your chances, by ensuring you get on the electorall roll as soon as possible.

Best of luck!

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