It’s that time of year again. Local elections will be taking place across Britain in May, giving people the chance to vote on what they want for their local community. It’s the perfect time to check you are registered on the electoral roll. Not only does this mean you can exercise your democratic right – but it could also boost your credit score.
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How does registering to vote boost my credit score?
It may not seem obvious, but one of the first steps in improving your credit score is to make sure you are registered on the electoral roll.
You may be wondering why it should matter. Well, credit reference agencies and lenders use the electoral roll to verify who you are. If you give a name and an address that is different to the one you are registered to vote with, then that could raise a red flag. Similarly, if you aren’t registered at all, this could negatively impact your credit score.
It is easy to register to vote. You can do it online by visiting gov.uk.
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What else can I do to improve my score?
Thomas Allder, customer director at Vanquis, recently shared some simple tips for improving your credit score – with very little effort needed on your part.
Beyond registering for the electoral roll, here are his suggestions to boost your credit score:
- Correct errors in your credit report. Your credit score is based on the information held in your credit report. So if there is something that is not right in there, it is worth following up and trying to get it changed. You can check your credit report for free.
- Check for fraud. If you check your credit report regularly, then you can spot signs of fraud. Say you spotted that someone was applying for credit in your name, you could report this as fraud and protect your credit score.
- Use an eligibility checker. If you are looking to apply for a credit card, it is worth using an eligibility checker beforehand. This will perform a ‘soft search’ that does not impact your credit score. If you have an application for credit rejected, this can negatively impact your credit score. So it is worth just checking before making your application.
- Get a credit-builder card. If you are new to credit or have a less than squeaky clean credit score, a credit-builder card such as Vanquis can help. They have low spending limits, so you are less likely to get into trouble. And if you make your repayments on time, you can steadily improve your credit score.
Why do credit scores matter?
Your credit report and your credit score are what lenders check when deciding whether or not to lend you money. Having a ‘good’ credit score often means you can access better deals or achieve better rates of interest.
If you are planning to apply for a mortgage at any point, having a ‘good’ credit score is essential. The main takeaway is that improving your credit score can significantly help your personal financial situation.
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