Leading UK credit reference agency Equifax are urging consumers to ensure they are registered to vote in the run-up to May’s General Election.
Registering to vote will not only enable individuals to have their say on which Party will be next to run the Country, but being registered on the electoral roll also improves and individual’s credit status.
In some cases, consumers who are not registered could find it more difficult to get credit.
Equifax’s External Affairs Director, Neil Munroe, explained that, “A lot of people, particularly the younger generations such as students, aren’t aware that not being on the electoral roll at their current address can affect their credit score”.
“Even when applying for something as simple as new car insurance paid on installments, you may not be accepted simply because you are not on the electoral register and the company cannot verify your identity.”
The information on the Electoral Roll is used by credit reference agencies in order to verify an individual’s identity for the purpose of credit checks and is a vital tool for fraud prevention.
“Credit and ID fraud is still a major issue, which is why lenders place considerable importance on electoral roll data to verify an individual’s identity”, continued Neil Munroe. “The accuracy of an individual’s electoral roll data is therefore crucial in order for them to be able to obtain new credit, especially in the current economic climate where good deals are harder to come by.”
“Although there are a number of factors that contribute to an individual’s credit score, being registered on the electoral roll is one way of giving it a boost easily. So if you’re looking to take out a mortgage or a loan, applying for a credit card or taking out insurance, it is essential that you are registered, or you may find it more difficult to gain credit.”
You can check your Equifax credit report instantly online and is free for the first 30 days.
