The UK is set to go to the polls on July 4 – but new research from ClearScore shows less than a third (31%) of people know that being on the electoral roll can impact their credit score
Millions of people are being urged to make a simple check that could potentially boost their credit score ahead of the General Election.
The UK is set to go to the polls on July 4 – but new research from ClearScore shows less than a third (31%) of people know that being on the electoral roll can impact their credit score. Two fifths (40%) of respondents aged 65 and over knew that being registered had an impact on their credit scores, compared to just 15% of 18 to 24 year olds and 27% of 25 to 34 year olds surveyed.
The warning comes ahead of the deadline to register to vote, which is June 18. The research from ClearScore found more than a third (35%) of respondents who are not currently registered to vote said they would do so if it could improve their credit score.
Approximately eight million people are currently not registered to vote, despite being eligible to do so. Justin Basini, Group CEO and Co-founder of ClearScore, said: “Registering to vote is a no-brainer when it comes to improving your credit score. Not only is registration key during a time like this when we’re building up to a General Election, but it is also one of the easiest ‘quick fixes’ for building a credit profile.
“Banks and lenders are looking for reliability and stability, which can be crucial for access to loans, credit cards and mortgages. ClearScore helps millions of people around the world make decisions that improve financial wellbeing, and registering to vote is an easy way to ensure you can have access to the most appropriate financial products for your circumstances.”
There isn’t a universal credit score for every person. Instead, each lender has its own checks when deciding whether or not to accept you as a customer – they may check just one, or all three of the major agencies. Generally speaking, the higher your score, the more credit-worthy you are.
