Martin Lewis’ MSE shares crucial step to boost your credit score | Personal Finance | Finance
Martin Lewis’ Money Saving Expert (MSE) team has urged people to “sign up” now to improve their credit scores. Otherwise, he says, “it’s much harder to be accepted.”
He says people should register to vote as part of his financial advice. He explains: “If you’re not on the electoral roll it’s much harder to be accepted for credit, so register now.
“Don’t wait for the annual reminder or the start of the elections.” You can apply through official authorities. gov.uk website, MSE notes.
If you live in England or Northern Ireland you must be 16 or over to register. Meanwhile, if you live in Scotland or Wales you must be 14 or over to sign up.
if you want register to vote, It should take about 5 minutes. MSE explains: “Just follow the online instructions and it will ask you a series of questions aimed at identifying you and the local constituency you need to register in. Remember you need to have your national insurance number with you.
“Many people are concerned that some councils are selling data. But you can opt out of the open electoral register which can be used for marketing.”
He adds: “Credit reference agencies are allowed to use all records that you cannot opt out of and are required by law to be involved in. The electoral roll can be a factor in scoring, but even if it is not, not being on it could lead to delays as lenders also use it to check your address and identity.”
“It’s worth noting that the credit scores sold to you by credit reference agencies may show that you have a perfect score without being on the electoral roll. Don’t let them fool you into thinking that not being on the register won’t affect your ability to get a loan. It will, because lenders also need to make sure you are who you say you are.”
If you are not eligible to vote in the UK, you can add a note to your file stating that you have proof of residence. MSE tells lenders who will see the note when reviewing your application that you can “ask three credit reference agencies to include a ‘notice of correction’ in your credit file stating that you can provide evidence of residence”, such as a utility bill or UK driving licence. They will then contact you so you can provide them.
Credit reference agency Equifax suggests that you may want to say something like the following in your correction notice:
“I am (full name), date of birth (dd/mm/yyyy) I am not registered as a voter at my current address because I am not a British citizen. I have lived at my current address since (dd/mm/yyyy) and can provide utility bills or bank statements to prove this if necessary. Please take this into account when searching for my credit report.”
You can read the entire article for other tips on how to increase your credit score. Here.
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