Reasons to Register on the Electoral Roll

There are many reasons why you should register on the electoral roll, one of the reasons being that it helps you with your credit score and credit history. If you are in the stages of thinking about applying for a payday loan, a mortgage, or another type of credit, you might not realise how important it is for you to be registered on the electoral roll. There are of course, various other important reasons to as to why you should ensure you are accurately and promptly registered, especially if you are in the process of moving home. Here, we take a look at the reasons why it is important to register on the electoral register.

It is a legal requirement that you are on the electoral roll, even if you do not plan to vote. It does offer actual benefits though, including:

Improving Your Credit Score – Your credit score (held by the credit agencies Experian, Equifax, and TransUnion) is the basis on which applications for credit of any form is decided. When you register to vote, your accurate current details are updated on the credit file held for you. This helps a lender to make a decision based on confirmation of your name and address, ensuring your credit score increases as a result.

Save Time When Applying for Credit – If a lender cannot confirm your address via the electoral register it slows down the entire application process when applying for any sort of credit. They may have to ask you for proof of your identity and address. By registering to vote you are speeding up the process for many other things you might need a quick answer on in the future.

Protect Your Identity – If you delay updating your records by registering to vote at a new address it provides potential fraudsters to gain access to your personal information. Identity theft and fraud can be prevented by simply registering to vote from a new address, as soon as you move in – adding your name to a new address and removing it from the previous address at the same time.

Vote – Of course, a primary reason to register to vote, is that it provides you with the chance to vote in elections, on both a local and a national level. Register to vote and you can have your say in how your local neighbourhood functions, and how the country is run.

Having accurate information on your credit file will help you to have a greater chance of being successful when applying for credit of any sort. Even if it doesn’t make a huge difference to your credit score it is important that the information held about you is accurate. Remember, there are responsible lenders out there who can help you out even if you do have bad credit, or little credit history built up. The new breed of payday loan providers have made it much easier to have confidence in the service, building trust with customers through a transparent approach that clearly outlines the exact loan amounts, repayment dates, interest and fees, with no hidden charges. They are also likely to be sympathetic and show compassion when dealing with a change in financial circumstances that make it difficult to maintain repayment.

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