The electoral roll is a list of everybody who is registered to vote in the UK, and the three main credit reference agencies (Equifax, Experian and TransUnion) use it to verify your identity and address.
Being registered can do wonders for your credit score, whether you decide to vote or not. But if you’re wondering, “Exactly how much will my credit score go up?” if you register on the electoral roll, Loqbox has everything you need to know.
Does the electoral roll affect credit scores?
In short, yes. Registering on the electoral roll does affect your credit score, mainly because it shows the credit reference agencies that you’re a real person who lives at a specific address. And this helps them verify your identity and credit history.
An address history that’s backed up by evidence of being on the electoral roll will improve your chances of being approved for credit, as lenders see stability in your living situation. Although life isn’t always this simple, if you are able to stay at your address for a few years that’s better for your credit score than regularly moving.
Electoral roll and credit scores:
How much will my credit score go up?
The answer to this question depends on your current credit rating and the length of your credit history. If you have a limited credit history, you may see a bigger improvement in your score than somebody with an established one.
But, either way, registering on the electoral roll can give your credit score a small boost.
How many points does the electoral roll add to credit scores?
According to Experian, registering on the electoral roll can add up to 50 points to your credit score. This is a rough estimate though. Everybody’s circumstances are different.
Remember that while being on the electoral roll is good for your credit score, it’s not the only thing that lenders consider when assessing your creditworthiness.
Check this out for more information on what affects your credit score.
When does electoral roll affect credit scores?
It’s important to note that you won’t see an instant improvement in your credit score when you register on the electoral roll. It can take a few weeks or even months for your local council to inform Experian, Equifax and TransUnion that your credit reports need to be updated. When it comes to your credit scores, a little patience goes a long way. But it’s always worth the wait.
My credit report says I’m not on the electoral roll
If you’ve definitely registered with your local council, and it’s been a few months, contact your local electoral team (you can find them using this link) to flag that it still isn’t appearing on your credit reports. They should then action this or at least send you confirmation to show to the credit reference agency to action on their side.
What if I’m not allowed to vote in the UK?
If your credit report says you’re not on the electoral roll because you know you’re ineligible to vote in the UK, don’t panic.
You can contact the credit reference agencies directly and ask them to update your credit reports with a Notice of Correction. This lets lenders see that you have a valid reason for not being on the electoral register . You can read more about fixing errors on your credit report here.
Why my credit score went down: Electoral roll
If you change your name or address details on the electoral roll, it’s possible that you’ll see a temporary drop in your credit score. But don’t worry! If you’re applying for credit when your score drops, lenders will still be able to see your previous information for context. The credit score drop is simply because of the break in your information.
Don’t rule out that other factors could be the cause of your credit score going down. Factors that negatively affect your score could be:
- Co-scoring with a partner (or ex-partner/previous housemate):
If you’ve ever been jointly named and responsible for paying bills in the past, then your score can change with the other person’s financial behaviour. You might not be able to do anything about your current partner and living situation. But if you spot an old name from your past on your credit report, ask to have them removed, particularly if you remember they weren’t responsible with their finances. - High credit utilisation:
Lenders prefer to see you using only 25% of your total credit limit. If you have a credit card with a limit of £1,000, try to stay below £250. Loqbox offers a clever way to keep low credit utilisation (check it out). - Closing an old unused credit card, or paying off a loan, car on finance, etc.:
If this is your oldest ‘line of credit’ it’ll be making up the bulk of your credit history. If you close it, you shorten the history.
- Not spreading out applications:
Ideally aim for only one hard credit check/application every six months to allow your score to catch up. - Moving house:
Definitely a good reason to get on the electoral roll. But upping sticks usually means you need to open a few new utility accounts when you settle somewhere new (see point above). - Fraudulent activity happening in your name: Check your three credit reports and let the Experian, Equifax or TransUnion know if anything looks suspicious.
This list isn’t exhaustive, but they are some ideas of what could have caused a drop in your score.
So, should I get on the electoral roll for my credit score?
Yes, definitely. Registering on the electoral roll is a quick and easy way to improve your credit score. It shows lenders that you’re a responsible borrower and ups your chances of being approved for credit. If you’re not already on the electoral roll, take five minutes to register today (or add a notice of correction if that’s applicable to you instead) — it could really help your financial future.
What else can I do to boost my credit score?
For a quick way of improving your credit score, why not get your membership started with Loqbox and benefit from our credit building tools. All for just £2.50 a week. Our members can see growth of as much as 200 points in the first three months when using all of our products.
Improvements to your credit score are not guaranteed.
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