You are here: Home - Saving-Banking - News -

Why getting on the electoral roll is not all about voting powers

Written by: Adam Lewis
With just three days to register to vote for next month’s UK General Election, more than a million young people are yet to sign up to the electoral roll which could dent their chances of getting credit in the future.

Aside from denying them their say in the direction the UK will head in post-Brexit, data from credit checking company ClearScore revealed that one in four people aged under 24 were unaware that signing up to the electoral roll can boost their credit score.

As a result, 1.3 million young Brits could be putting themselves at risk of credit rejection. But what is a credit score and why is it so important?

Credit score: the facts

A credit score is a number lenders use to help them decide how likely they are to be repaid on time if they give you a loan or credit card. Your individual credit score is based on your credit history.

If you’re new to borrowing or have had a few late payments, you could find yourself with a less than perfect credit score.

So why does not being on the UK electoral register damage your credit rating? It introduces doubt to lenders’ assessment of your identity, adding uncertainty whether you are who you say you are – and you live where you say you live.

Being on the electoral roll not only supports credit applications, but improves your credit score overall by serving as a means of verifying your identity and personal details.

Justin Basini, CEO at ClearScore, said: “We were surprised to see that so many young adults are still not registered to vote. Being on the electoral roll is a simple and easy way to boost your credit score, as lenders use this information to confirm a credit applicant’s identity. Without a good credit score, young people will face an uphill struggle to secure credit as they move through different life stages.”

Five other ways to boost your credit score

  1. Pay ALL your bills on time – even being a couple of days late can make a big difference. See’s I’m worried one missed credit card payment will damage my credit score for more information on what to do. 
  2.  Ensure there are no incorrect details on your credit record – check it regularly and if the details are wrong, correct them. People often move house and change jobs without updating their records.
  3. Look into specialist credit card providers which can help you build and improve your credit rating – this will help if you have had problems with credit in the past. See’s The credit cards that can help you repair your credit score for more details. 
  4. Don’t apply for more than one credit product at a time as each application can have a negative impact on your credit rating. Waiting to hear a response from one provider might seem frustrating but applying for multiple cards could harm your score. Instead, use an eligibility checker first to see your chances of being accepted for a credit card before it leaves a footprint on your file.
  5. Close old credit card accounts and cancel old direct debits – they will still show up on your record if you don’t get rid of them. See’s Should I cancel my unused credit cards? to find out the pros and cons of doing so.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week